rssOne More Note on the Dodd/Schumer Call for the Fed to Freeze Credit Card Rates
Friday, April 24, 2009 at 1:05 pm
- 4 Comments
It’s been partly necessitated by the fact that the lawmakers themselves delayed the effective date of their bill that would do the same thing.
That is, both Sens. Chris Dodd (D-Conn.) and Charles Schumer (D-N.Y.) are sponsors of legislation that would prevent the same retroactive rate hikes they’re asking the Fed to stop; both sit on the Senate Banking Committee; and yet both recently supported an amendment to their own bill that pushes the implementation date of the consumer protections from zero to nine months after the bill’s passage. (Indeed, Dodd, as chairman of the panel, sponsored that amendment.) So if their bill passes — as many believe it will in some form this year — the protections won’t arrive in time to help consumers weather the recession.
Now they’re scratching their heads in wonder that the banks are hiking fees and rates to get in under the Fed’s deadline — and asking the Fed to intervene?
Appearing on MSNBC on Thursday night, Dodd said the Fed has the better “opportunity” to put the change in place.
Our bill that we hopefully will bring up in the next couple of weeks does that, but there’s an opportunity, because the Federal Reserve has actually issued a rule to do just that, but you would have to wait until July of next year for that rule to go into effect.
If the legislation hadn’t been altered, of course, they might not have to wait so long.
4 Comments
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Comment posted April 24, 2009 @ 2:16 pm
Christopher Dodd has spent too much time in Washington DC and has forgotten who his constituents are. Instead of campaign contributions from CT residents, Dodd has decided to turn to corporations who think that CT residents are so stupid that our votes can be bought. 80% of his campaign contributions will come from special interest groups outside of CT looking for payback from 2011-2017 at the cost of the tax payers.
While this country has term limits for the office of President, Senator Dodd has managed to stay in Washington DC during the following Presidential terms:
Reagan 1981-1985
Reagan 1985-1989
Bush 41 1989-1993
Clinton 1993-1997
Clinton 1997-2001
Bush 43 2001-2005
Bush 43 2005-2009
Obama 2009-2011
That’s 7 ½ Presidential terms. If our elected officials can’t pass laws limiting the terms of Congressman and Senators, then it’s up to the people.
It doesn’t matter if your black, white, yellow, brown, purple, blue or green; democrat, republican, independent, socialist; male, female, or something else; union, non-union; pro-gun, anti-gun; Jewish, Muslim, Catholic, Protestant, whatever; straight, gay or both – It’s time to send a message to all elected officials that you work for us, we want real change, enough is enough, and absolutely NO ONE in the state of CT should cast a vote for Chris Dodd in 2010.
It’s time for CT residents to take the lead in America show the rest of the nation: we believe this is a land governed by the people and for the people – We’ll do our job and vote out our incumbents, you vote out yours!
(It’s the politician’s goals to keep the people divided; it’s our job to unite. Please do your part and help take our nation back one state at a time by cutting & pasting this message and forwarding it to, or printing it for, distribution to every CT resident. Big D.)
Comment posted April 24, 2009 @ 9:16 pm
Christopher Dodd has spent too much time in Washington DC and has forgotten who his constituents are. Instead of campaign contributions from CT residents, Dodd has decided to turn to corporations who think that CT residents are so stupid that our votes can be bought. 80% of his campaign contributions will come from special interest groups outside of CT looking for payback from 2011-2017 at the cost of the tax payers.
While this country has term limits for the office of President, Senator Dodd has managed to stay in Washington DC during the following Presidential terms:
Reagan 1981-1985
Reagan 1985-1989
Bush 41 1989-1993
Clinton 1993-1997
Clinton 1997-2001
Bush 43 2001-2005
Bush 43 2005-2009
Obama 2009-2011
That’s 7 ½ Presidential terms. If our elected officials can’t pass laws limiting the terms of Congressman and Senators, then it’s up to the people.
It doesn’t matter if your black, white, yellow, brown, purple, blue or green; democrat, republican, independent, socialist; male, female, or something else; union, non-union; pro-gun, anti-gun; Jewish, Muslim, Catholic, Protestant, whatever; straight, gay or both – It’s time to send a message to all elected officials that you work for us, we want real change, enough is enough, and absolutely NO ONE in the state of CT should cast a vote for Chris Dodd in 2010.
It’s time for CT residents to take the lead in America show the rest of the nation: we believe this is a land governed by the people and for the people – We’ll do our job and vote out our incumbents, you vote out yours!
(It’s the politician’s goals to keep the people divided; it’s our job to unite. Please do your part and help take our nation back one state at a time by cutting & pasting this message and forwarding it to, or printing it for, distribution to every CT resident. Big D.)
Pingback posted April 24, 2009 @ 10:34 pm
[...] One More Note on the Dodd/Schumer Call for the Fed to Freeze Credit – The Washington Independent.comIt’s been partly necessitated by the fact that the lawmakers themselves delayed the effective date of their bill that would do the same thing. That is, both Sens. Chris Dodd (D-Conn.) and Charles Schumer (D-N.Y.) are sponsors of legislation that [...]
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