Dodd's Credit Card Act Passes

Sen. Chris Dodd’s major reforms of the credit card industry (the Credit Card Accountability, Responsibility, and Disclosure Act) passed both houses of Congress this week, including a 361-64 passage in the House today. The president is expected to sign the bill Friday. Dodd said that the bill’s passage was “…a victory for every American consumer who has ever suffered at the hands of the credit card industry.”

Rob Simmons, Dodd’s major opponent thus far, has gone the interesting route of attacking Dodd not for the bill itself, which Simmons supports, but for Dodd’s timing:

“As a 26-year member of the Senate Banking Committee, Senator Dodd had decades to show leadership on this issue, but he decided to take action only after a series of scandals involving his cozy relationship with the financial services industry took a serious toll on his poll numbers.

Or it could be the current economic and political environment, in which passing a bill like this is far easier. Either way, Dodd now has an important piece of legislation to show to people who complain that he’s too close to the financial industry.

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21 responses to “Dodd's Credit Card Act Passes

  1. Hooray for Dodd!

    Now everyone will forget the Irish cottage and the AIG bonuses , and the lie he told about those bonuses, and the his mortgage deal and his failure to release the paperwork for months and months.

    He’s all better now. Time for a Q poll to see how he’s all fixed and everyone loves him now.

    Yay Dodd! See what you can do when you actually show up to the Senate instead of running for President of Iowa?

  2. AndersonScooper

    Great first step!

    Amazing that anyone could vote against these necessary reforms to an evil and corrupt industry. Who were those House Republicans? (and yes, I understand the Democratic congresswoman from South Dakota joined Boehner’s bunch of corporate whores.)

    However I don’t think Senator Dodd will get much of a bounce out of what many will perceive as mere safety-valve legislation. This law will prevent future generations from getting screwed, but it doesn’t help those Americans currently being raped by 25-30% interest charges.

    Congress still needs to re-instate a national usury law, one tied in to the prime interest rate. Let’s hope Dodd leads the way!

  3. Worst. Comeback. Ever.

  4. Yes. Great comeback. Another smash hit like that and he’ll be touring Japan with the Bay City Rollers.

  5. And — how appropriate — Cheap Trick!

    Chris Dudd! Live at Bukkokhan!

    I Want You to Buy Me
    Surrender
    Goodnight, Bankers

  6. No offense against Japan, of course. They take all our used baseball players.

    Dodd should be sent down to the minor-leagues… otherwise known as that six-month long belching contest known as the General Assembly. He can do some rehab work there.

  7. For the past year, Senator Dodd has done everything he could to ignore calls for transparency in the banking system… including an April 2 vote in which he explicitly voted against revealing the names of the banksters who have received the $2 trillion in newly printed Fed money – compliments of the Bush / Obama team of “crooks and liars” – Helicopter Ben & Taxman Tim!

    On May 6, he promised Jane Hamsher that he would “ask” for the names of those banks. That was two weeks ago. Anyone happen to know if Dodd has asked yet? Has he gotten a response yet?

    Dodd can take his credit card law and crow about it till the cows come home. If he fails to deliver the names of the banks (and their immediate pass thru counterparties) I am going to be campaigning against Dodd on the slogan “Dodd opposes transparency. Dodd opposes good government.”

    Seriously… this credit card law is flawed in two ways… it ignores the philosophical question of whether CCs should even exist… and it fails to challenge the banksters who… Dick Durbin says “own” the US Congress.

    Dodd owes Jane Hamsher an answer… and not about the $2 trillion. I want to know about the $10 trillion… and how much went to Goldman Sachs et al??

    I also wonder why House Financial Services Committee member Mr. Himes seems disinterested in revealing the names of banks? I wonder how much money got printed for Goldman Sachs?

  8. Oh wait… I forgot… monetary policy requires “independence.”

    That’s different from war policy and fiscal policy which require partisan politics?

    Dodd should be fired for simply saying he opposes an audit of the Fed. Lucky for him, monetary policy isn’t sexy… yet. When the inflation becomes more visible… people may start asking more questions.

    My answer for them… blame Dodd – for refusing to hold Bernanke and the banksters accountable. Blame inflation on Dodd.

    Is it a stretch? Yes. But if Dodd asks questions now, we may be able to avert problems later.

    Dodd could be the poster boy for the Republican Rubber Stamp Congress.

  9. Anyone notice any riders on the bill?

    Like this one?

  10. scanman1722

    Worst. Comeback. Ever.

    Unless, that is, you find yourself being one of hundreds of thousands of Americans who have been getting bent over by the credit card companies your entire life…..

  11. Unless, that is, you find yourself being one of hundreds of thousands of Americans who have been getting bent over by the credit card companies your entire life…..

    Which for a few years might well make the recipient a victim; but decades?
    That would be self-inflicted.

    What this will do is shrink the sub-prime credit market making it more difficult for those that for whatever reason suffer poor scores, to obtain any sort of credit card at all.

    Make no mistake, I’m not some Fairfield County Country Club Republican and have had my own battles with some of the weasels in the credit card industry.

  12. scanman1722

    Make no mistake, I’m not some Fairfield County Country Club Republican and have had my own battles with some of the weasels in the credit card industry.

    Yet, you still don’t think this is overall a good bill that will help people?

  13. What this will do is shrink the sub-prime credit market making it more difficult for those that for whatever reason suffer poor scores, to obtain any sort of credit card at all.

    Exactly. TrueBlue, what will you say to the person who has no credit rating and wants a credit card, but can’t get one after Senator Meltdown’s bill passes?

  14. Yet, you still don’t think this is overall a good bill that will help people?

    I think when tampered with, the free market becomes a mess.

    Everyone, including me has those “there oughta be a law dammit” moments; and if the bill would works as intended, that would be nice.

    However, nothing happens in a vacuum and the banks (etc.) that issue credit cards will respond in some fashion that will wind up harming those that are least able to defend or help themselves.

    Bet on it.

    Bankers are weasels and you can’t expect them to act like something they’re not (such as humans) because of that fact.

  15. scanman1722

    Bankers are weasels and you can’t expect them to act like something they’re not (such as humans) because of that fact.

    And when they figure out another way to screw over the American people, the Democratic Party will be there to come up with a law to stop them. This is, after all, the point of the government: to govern. When free will gets out of control, someone always has to put people in line. It’s, um, in the Bible.

  16. And when they figure out another way to screw over the American people, the Democratic Party will be there to come up with a law to stop them. This is, after all, the point of the government: to govern. When free will gets out of control, someone always has to put people in line. It’s, um, in the Bible.

    Doesn’t work.

    Sometime I’ll post chapter & verse on car financing and how the banks keep those that can’t afford it buried in payments ***and*** how low interest regs dry up the money supply in the sub-prime market where collections and repos run a full 500% higher than average.

  17. And when they figure out another way to screw over the American people, the Democratic Party will be there to come up with a law to stop them. This is, after all, the point of the government: to govern. When free will gets out of control, someone always has to put people in line. It’s, um, in the Bible.

    If you think you’re getting screwed by a credit card company, stop using your credit card.

  18. scanman1722

    If you think you’re getting screwed by a credit card company, stop using your credit card.

    Good advice Jack. All the people who pay their bills via credit card now that they’ve lost their jobs or got their hours reduced should just stop using their credit card and finance their lives from the money tree in their backyards. Good call.

  19. Good advice Jack. All the people who pay their bills via credit card now that they’ve lost their jobs or got their hours reduced should just stop using their credit card and finance their lives from the money tree in their backyards. Good call.

    To an extent yes, credit can allow people to get over a rough patch financially. But you can’t seriously be suggesting that people who are unemployed or have seen a drop in salary should expect to finance their lifestyle on credit without consequence. At some point if you don’t have the money to pay for something you simply shouldn’t buy it.

  20. scanman1722

    To an extent yes, credit can allow people to get over a rough patch financially. But you can’t seriously be suggesting that people who are unemployed or have seen a drop in salary should expect to finance their lifestyle on credit without consequence. At some point if you don’t have the money to pay for something you simply shouldn’t buy it.

    Agreed – one should not finance his or her life based on credit alone. But, like you said, credit can get you through a tough time and, as no one can argue, there are a lot of folks out there who are going through a really tough time and therefore it’s no great stretch to imagine there are a lot of people living on credit cards right now. And it’s not like those people are going on shopping sprees at the mall – they’re using credit cards for food, gas, and the like.

  21. And when they figure out another way to screw over the American people, the Democratic Party will be there to come up with a law to stop them.

    Stop who? Stop the downtrodden from being able to work their way out of poverty due to the Bush / Obama economic team of Bernanke & Geithner and their plan to inflate the dollar to death? The least fortunate sure do love the Bush / Obama inflation tax!

    finance their lives from the money tree in their backyards.

    Unfortunately, Chris Dodd (and to a lesser extent GS alum Jim Himes and many others) reserves the money tree for Goldman Sachs and his friendly banksters.

    Oh wait… Goldman is paying off their TARP loan! And let’s all just forget the one major private player (AIG) that got their own individual bailout… a bailout that, only under court-ordered FOI, revealed Goldman was the single biggest beneficiary of the Goldman bailout. No… Goldman wasn’t using AIG as a front man. It was all just “coincidental.”

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