Senate preserves unlimited card rates

[brentspeak]

Source: Delaware Online

WASHINGTON -- As the U.S. Senate debate on sweeping financial industry reforms stretches on, Delaware officials learned Wednesday evening they can exhale once again.

A provision that targeted the very heart of a banking law that lured major credit card companies -- and tens of thousands of jobs -- to Delaware 20 years ago was rejected 60-35.

The amendment to the financial reform bill would have allowed all 50 states to impose individual interest rate caps on out-of-state lenders -- meaning card companies would not be able to use one national rate set in the state where they are chartered.

States such as Delaware and South Dakota attracted credit card firms in droves 20 years ago when they removed credit card interest rate caps, allowing banks such as JPMorgan Chase, Bank of America and Discover to establish state charters and charge rates of their own choosing nationwide.

Read more: http://www.delawareonline.com/article/20100520/NEWS02/5200348/Senate-preserves-unlimited-card-rates

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The following senators did the right thing and voted 'Yea' to the amendment. Kudos especially for Sheldon Whitehouse, the amendment's sponsor. He continues to show why he should be residing in the building that is his namesake. Incredibly, two of the senators voting in favor of the amendment were Republicans. However, one of my senators here in NJ, Robert Mendendez, decided he'd rather be a banking whore than a senator representing the people who elected him. Note also that Blanche "Wal-Mart" Lincoln voted against the amendment -- a fact that Bill Halter should highlight to Arkansas primary voters.

Akaka (D-HI)
Begich (D-AK)
Bennet (D-CO)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cardin (D-MD)
Casey (D-PA)
Cochran (R-MS)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Harkin (D-IA)
Lautenberg (D-NJ)
LeMieux (R-FL)
Leahy (D-VT)
Levin (D-MI)
McCaskill (D-MO)
Merkley (D-OR)
Mikulski (D-MD)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)

[Lasher]

1. Dammit! This was so important.

If anyone wonders why Democrats are angry, this can be cited as a perfect example.

[SoapBox]

3. Ditto, Ditto, Ditto...

...I'm so mad...thanks for saying what I wanted to say.

[Demeter]

7. To Cop a Phrase: MEGA Dittos

:hide:

[saigon68]

27. The DLC Handlers get the VOTING SHEEP I in corporate line !!!

Love how the "true interests" bob to the surface like a bloated corpse in a warm lake.

[dotymed]

13. Obviously, a few DLCemocrats

voted nay.

[Deep13]

2. Thanks again, Sherrod Brown! Screw you, Voinovich! nt

[ima_sinnic]

4. hmm, no Kerry on that list (nt)

[ProSense]

5. You know who else isn't on that list

Cantwell

Guess she has a reason for voting no.

[Matariki]

12. Our Senator from Washington is baffling

sometimes she is wonderful in the things she supports, other times she is the best friend of Corporations.

ps on edit - I notice that Patty Murray is also not on that list, which surprises me.

[mvd]

9. Also no Specter, assuming he voted

Already going back to his Republican ways?

[No Elephants]

32. No John Kerry and no Scott Brown. Bipartisanship, Massachusetts style.

[Teka]

6. Corporatists win again

[Vinnie From Indy]

8. A clearer example of the rot and corruption in Washington would be hard to find

Allowing credit card companies to act like your local Mafia loan shark is grotesque and indefensible. I hope that each and every Senator that voted to allow companies to charge usurious interest rates has a challenger for their seat that pounds on them over and over for their vote in this issue. It is just another clear example of just how deeply many of our representatives are owned by corporate interests.

Sen. Evan Bayh must be perfectly OK with his constituents being screwed over by these companies.

[mvd]

10. If we stood together, we could have passed this

I don't consider the defeat of Specter and the runoff with Lincoln losses for Obama - I find them to be victories for the progressives who want to shake up party establishment. No better way to be heard.

[Iowa]

23. A victory for progressives is usually a loss for Obama on the things that matter most...

The Specter/Lincoln defeat/runoff was both a victory for progressives and a loss for Obama, IMO.

[mvd]

25. I said not a loss because I expect him to work with who the voters send

At least I hope the President wants it that way. Got to remind him that he was once outside of Party machinery..

[Stuart G]

31. Agreed..nt

[slackmaster]

11. Consumers have one good tool for fighting back

Pay off your balance every month so they don't get a dime of interest from you.

Or just close out your card.

[mvd]

15. Couple points on that

Some card owners can't pay due to unforeseen circumstances. and if you close a card, you may not get the best terms with another card.

[slackmaster]

16. That's certainly true, but there are people who could use a little more self-discipline

I personally know a couple that is having a severe relationship crisis because one member had secretly rung up an $11 K credit card bill, mostly in cash advances, with the money spent mostly on costly lunches and coffee drinks (that stuff can add up FAST).

The other member, who brown-bags lunch every day and makes coffee at home, discovered this debt after being turned down for a job due to a damaged credit score that resulted from the debt.

[mvd]

17. Yes, there are some

Personally I hold the credit card companies much more responsible, though, with their ridiculous rates and terms.

[slackmaster]

18. Barclay's raised my rate to 30.5% for missing one small payment

My credit score is surely hosed for two years. It was over 800. I haven't had the heart to look at it.

But I've responded by paying that card off not once but twice each month, so they are collecting zero interest. I have a $200,000 equity line on my house that I can tap into if I need credit.

[mvd]

20. I hope it works out for you

The credit card companies are screwing a lot of people.

[slackmaster]

21. I'm sorry Congress failed to act, but in the long run the CC companies are firing foot-bullets

As are our esteemed Senators.

Consumers will recover, they vote, and they'll remember who screwed them.

[mvd]

22. If I could, I'd definitely cut up my card

I need it right now, though. You're right - I think consumers will recover. This vote isn't the end of things.

[No Elephants]

33. LOL, not only are you not giving them interest, but you are probably causing them more

bookkeeping costs than they expected, too. So, good on you.


I usually pay the bill the day it's due as I have a BankAmerica in my neighborhood and, lately, they've been allowing payment by phone without a fee. That way, they can't work with my money a day longer than necessary.

But, thanks to you, I'm going to consider paying every week!

[skyounkin]

14. Wow- thanx again Senate...

for nothing.

[EFerrari]

19. Is there any doubt who these people represent?

[Cass]

24. Losing this provision is disappointing but not surprising.

Corporate interests run the show and have for quite some time now.

Quite honestly, I am surprised to see 2 republicans on the list and am very happy to see my senator (Nelson-Fl) on that list.

[mbperrin]

26. WHAT a relief! I was afraid I might actually catch a government

official voting FOR PEOPLE, and the shock would have killed me outright.

Thanks for saving my life, Senators.






Whew!






Now if only I could get this stick out of my ass....

[No Elephants]

34. Tough choice: is no bill at all better than a highly flawed bill?

Though, it's sad when your only alternative is voting "No" on a bad bill, as opposed to being able to vote "yes" on a good one.

[mbperrin]

37. I'm weary of accepting a bad bill to be fixed later. They never get fixed.

Take the Patriot Act. Please.

And too many more to count. I'm sick of providing political cover for weaklings who want it, but who don't want to or who cannot produce results.

LBJ didn't wait for the Civil Rights Act, Voting Rights Act, Thurgood Marshall to the Supreme Court, Elementary and Secondary Education Act, Higher Education Act, National Endowment for the Humanities, National Endowment for the Arts, Public Broadcasting Act, Medicare, Medicaid, food stamps, Head Start, and a whole lot more.

And he faced obstreperous assholes in Congress and got his way.

So if the current group is not strong enough to get it done, I'm wanting to replace them with someone that can. Tired of calling people heroes who give me a blue tarp to live under in hurricane season instead of giving adequate warnings, providing evacuation routes and assistance, and then rebuilding when it's over. They get to point to the blue tarp and swell with pride at their accomplishment.

So yeah, no bill rather than a bad bill.

[Lorien]

39. Agreed. Exactly what we saw with HCR. nt

[Yeahyeah]

28. Biden Biden Biden Biden Biden.

[Stuart G]

29. Where is our "majority" on this??????This is very important.

[Stuart G]

30. Question...was Obama for this ???? Looks like no...??? OR does he care???nt

[No Elephants]

35. How would one ever know for sure whether he was for or against something

unless he chooses to veto?

I think he cares, though, because I'm pretty sure he still wants to get re-elected. That means walking a line between lobbyists and voters. However, we know the WH thinks liberals will vote Democratic, no matter what, because "they have no place else to go," meaning we won't vote Republican and no third Party is viable.

That's factually correct. However, a lot of Boston voters stayed home for Coakley v. Brown; and I don't think they were Republicans.

[1955doubledie]

36. K&R

:kick:

[redqueen]

38. Sickening. (nt)