October 26, 2009
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News: Dodd; Immediate Freeze
Lawmakers and the credit card industry have been a fierce battle over the past year and Americans have been their pawns. While many lawmakers are fighting for the safety and security of Americans, top executives of the nation's largest credit card companies are not willing to trim the fat. They have ordered the downward chain of command to design and implement new ways to beat Americans down by finding loopholes in the new credit card reform legislation that will soon be enacted. Senate Banking Committee Chairman Christopher Dodd is introducing yet another law calling for a temporary freeze on credit card interest rates on existing balances until the new law becomes effective.
Just last week, the House Financial Services Committee voted to move the enactment date for the Credit Card Accountability Responsibility and Disclosure Act of 2009 up to December 1, 2009 from the original date of February 22, 2010. The Committee's vote would still give the financial industry another whole month to implement additional abusive actions on credit card holders whereas Dodd's proposal would provide an immediate freeze on interest rates.
While the war continues, most credit card consumers and a surprising number of Republicans are supporters of the lawmakers. Americans are getting worn out and beaten into the ground by the financial industry including the loan and mortgage sectors. Senator Dodd noted that lawmakers have worked very long and hard to "enact the safeguards" needed to protect Americans and card companies wasted no time in using the time allotted to them to prepare for the new rules and regulation to impose yet greater burdens on Americans. Now the financial industry is crying out against the move to change the law's enactment date saying they are not yet prepared for the new law. However, had the financial industry focused in on setting themselves up for a successful transition, they have wasted valuable time search for new ways to get fat.