Chris Dodd And Credit Card Protection Legislation

Unlike Republican hypocrites, Chris Dodd opposes usury

Yesterday Jeff Merkley told us that the Senate Banking Committee would mark up the Credit Card Accountability, Responsibility and Disclosure Act. This is a bill written by Committee chair Chris Dodd and co-sponsored by Senator Merkley. The purpose is to help protect consumers from confusing, misleading and predatory practices by credit card companies. Provisions:

•    Protect consumers from “any time, any reason” interest rate
increases and account changes;
•    Prohibit unfair application of card payments;
•    Protect cardholders who pay on time;
•    Limit abusive fees and penalties;
•    Prohibit issuers from using a consumer’s card history with another
creditor to raise interest rates (“universal default” ban);
•    Prohibit issuers from charging interest on debt that has already
been repaid;
•    Ensure that cardholders are informed of the terms of their account;
•    Protect young consumers from aggressive credit card solicitations.

It's ironic that Fox "News" has declared jihad against Dodd and allows Hannity to force his guests to swear an oath that they will always refer to the Senator as a lying weasel. It's doubly ironic because while Dodd has taken a great deal of money from the financial/insurance/real estate sector, he tends to fight for consumers over banksters while Hannity's and Fox's favored politicians-- like John McCain (R-AZ- $32,423,813), Rudy Giuliani (R-NY- $16,632,364), Willard Romney (R-UT- $14,650,907), Miss McConnell (R-KY- $5,013,778), Richard Shelby (R-AL- $4,384,492), Spencer Bachus (R-AL- $3,789,474), Eric Cantor (R-VA- $3,121,188), John Boehner (R-OH- $3,045,809) and Paul Ryan (R-WI- $1,555,321) take the money along with a laundry list of policies from the banksters that they work to enact. Take Dodd's and Merkley's credit card bill. I bet all the GOP whores who gobble up big money from the FIRE sector will vote against it. Fox viewers will never hear a word about it though. Here's a clip Senator Dodd made this morning as he was about to call the hearing to order.




UPDATE: Senate Banking Committee Passes Credit Card Reform Bill

After Chris Dodd got his consumer protection bill through the Banking Committee he blogged about it at My Left Nutmeg.

Although 84 Republicans in the House supported a similar bill, today not even one stinking Republican voted in favor on the Banking Committee. It was a almost pure party line vote with one the banksters worst shills, Richard Shelby, leading the GOP to take up arms against credit card reform. The Republicans on the committee have all been paid off by the banking industry to prevent regulations that would prevent their predatory practices. You think I'm kidding? These are the sleazy batch of crooks politicians who voted for more credit card rip-offs:

Richard Shelby (R-AL- $4,384,492)
Robert Bennett (R-UT- $1,915,892)
Jim Bunning (R-KY- $2,447,635), who is desperate for every bribe he can get his paws on.
Mike Crapo (R-ID- $1,397,092)
Mel Martinez (R-FL- $2,854,110)
Bob Corker (R-TN- $2,682,859)
Jim DeMint (R-SC- $2,073,034)
David Diapers Vitter (R-LA- $1,709,299)
Mike Johanns (R-NE- $644,171, not a reflection of scruples, just that he's been in the Senate for only 90 days)
Kay Bailey Hutchison (R-TX- $4,685,238)

The ones in bold will be facing the voters next year. Conservative Democrat Tim Johnson (D-SD-$3,020,966) joined the GOP to vote against working families today. Fortunately he was the only Democrat whose bribes effected his vote and the bill passed 12-11. Miss McConnell has vowed to earn every cent ($5,013,778) the banksters have given him by leading a vigorous filibuster against the legislation.