May 12: In the News

Credit Card Reform
The House has already passed a credit card reform bill and now the Senate appears to be following. Senator Dodd (D-CT) and Senator Shelby (R-AL) have reached a compromise on Dodd's bill that likely will lead to the passage of these reforms;

Dodd had sought to ban all interest rate increases on existing balances. Under the compromise bill, card issuers would be allowed to retroactively bump up rates for any borrower whose payments are 60 days past due. However, if the borrower pays on time for six months, the card issuer would have to restore the original rate. The bill also prohibits card issuers from increasing rates during the first year a credit card account is opened and requires them to get customers' permission to set up accounts so that transactions over the limit can be processed. Another provision would require card issuers to post credit card agreements online.

President Obama had earlier called for prioritizing credit card reforms.

Delaware
Gov. Markell (D) along with several cabinet members have released a study showing solutions for helping inmates find jobs, housing and handle addictions prior to release. The study is aimed at finding solutions to reduce repeat offenders while not costing tax payers additional money.

Minnesota
Gov. Pawlenty of the Party of No is fighting with the Minnesota state legislature over the upcoming budget. The impasse;

House Majority Leader Tony Sertich, DFL-Chisholm, said, "The governor's offer does nothing to address the job losses in hospitals, nursing homes and in the state of Minnesota" that would result from Pawlenty's proposed budget cuts. "So I think that it's a compromise in word only and not in deed."

More bad news for Pawlenty. Al Franken's campaign has asked the Minnesota Supreme Court to compel the Governor to sign an election certificate once the court rules on the case.

Comments (3) «

This is something that's long overdue.

On one hand the banks ask for bailouts. On the other they jack up the rates on consumers. They are stealing money faster than they can beg for it.

On another note -

Why is the partybuilder blog filled with spam? Does anyone know? Why can't it be stopped?

1

karster on May 12, 2009 at 05:19 PM

About time.

2

karster on May 12, 2009 at 06:08 PM

Bravo, Senator Dodd.

Democrats are finally restoring the credit markets to a good faith agreement between lender and customer. Why the Republicans thought it was fiscally responsible to do anything less is a mystery...since that is what they always tell us they are all about.

The GOP had complete control of Congress for over 15 years to set up this sad scenario; and then when they got President Bush in the White House, they really went whole hog in showing their true colors. The customer be damned.

Never trust people who say one thing and then do the opposite when they get the chance.

3

SandyH on May 12, 2009 at 09:15 PM

« Hide Comments

Post a comment