8 years ago
Thursday, April 30, 2009
Pete Sessions votes no to Credit Card Holders' Bill of Rights
In yet another overwhemlingly bipartisan piece of legislation, the House passed H.R. 627, "To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes." The bill passed 357 - 70 (see Roll no. 228) with Pete Sessions among those in the minority who voted no.
Subscribe to:
Post Comments (Atom)
1 comment:
I'll admit I don't know any details on the credit card bill. The title of the bill is great, "To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes".
However, if there is one thing I've learned when looking at the title of bills it's that they're filled with doublespeak. The "PATRIOT Act" was a bill that undermined some our civil liberties in exchange for safety, and somehow that was equated with patriotism... doublespeak at it's finest.
The TARP Bill passed under a totally unrelated title. So titles can't be trusted.
Anyway, I was reading another blog called the Texas Startup Blog by Alex Musse. I think he sums up the risks of regulating the credit card industry pretty well. I would hate to be turning people away from credit cards and towards payday loans. We all know those are worse.
JOhn
Post a Comment