I suspect this is one piece of legislation which will die a swift and horrible death in the House of Representatives, but who knows? The mood of the country is on the right side of the credit reform issue right now – and we’re all looking for a way to penalize banks anyway – so maybe this thing has a shot if it gets done quickly. I wonder, though, if it might not have been wiser to have introduced as an amendment to another bill than as it’s own thing. The question is: who besides Massa is willing to publicly endorse this same bill?
WASHINGTON, D.C. – This morning Rep. Eric Massa (NY-29) introduced his first piece of legislation in Congress. 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