Blue America Candidate, Rep. Eric Massa (D-NY) Introduces His First Bill In Congress-- Banksters Beware

Usury supporting Republicans Bush & Kuhl in the back on a limo

Blue America supported and raised money for Eric Massa against wretched Bush rubber stamp Randy Kuhl in 2006 and in 2008. In 2006 Eric, a first-time candidate, introduced himself to the electorate, made a great case for why he would be a better representative for New York's hard hit 29th congressional district, and received 93,974 votes (against Kuhl's 99,926). The 2006 campaign made voters wary of Kuhl's tendency to always vote with the unpopular Bush and to always support corporate special interests over the interests of ordinary working families. Last year voters in NY-29, while giving McCain a 51% win (one of only 4 NY districts Obama lost), turned out for Massa to the tune of 140,529 to 135,199 for the incumbent.

Since taking office in January, Eric has been the single most communicative member of Congress with his constituents, putting a great deal of energy into explaining every bill he's co-sponsored and every vote he's taken. He's been the model for how a member of Congress should be communicating with his district. Today Eric introduced his first piece of legislation-- and working families in New York State should be very proud to have voted for this man. The bill, the American Credit Card Reform Act, has five key objectives designed to prevent predatory lending practices by the credit card industry:

 
·    Cap maximum credit card interest rates at 14%;
·    Prohibit transfer fees;
·    Prohibit predatory advertising on college campuses;
·    Prohibit the changing of credit card terms if the consumer is in full compliance with the terms;
·    Require due dates to be set at a minimum of 30 days from the date bills are sent.

Eric explained to his constituents today his reasons for writing the bill: "Americans are struggling with unfair predatory credit card practices and I want to level the playing field. By capping credit card interest rates at 14%, prohibiting transfer rates, ending predatory advertising on college campuses, banning the changing of terms for compliant consumers and making 30 days the minimum for billing periods, we will take significant steps toward strengthening the American family. The American Credit Card Reform Act is designed to do all of these things and I will lead this charge for fairness in the credit card industry. This is about helping American families and returning our economy to prosperity."

As we explained yesterday in our look at banking overdraft protect measures, many Democrats-- though not the crooked ones who are in the pockets of the banksters-- are ready to get serious about protecting consumers from the predators the anti-regulatory Republicans set loose on us over the past couple of decades. This morning, both the Wall Street Journal and the L.A. Times made the point that the Obama administration agrees with members of Congress like Massa and thinks it's time to get the banksters off our backs... and get their sticky fingers out of our wallets.

In a bid to aid consumers hit hard by the recession, lawmakers are pushing legislation this week that would ban a long list of credit-card practices that essentially amount to higher costs for consumers. Meanwhile, the Obama administration has scheduled a meeting with executives from credit-card issuers at the White House on Thursday, adding to pressure on the industry. President Barack Obama plans to attend.