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Greenwald Campaign: Latham rejects credit card holders’ bill of rights
9/23/2008

Contact: Erin Seidler
515-537-4465

Puts Credit Card Companies over American People

Waukee, IA – As America falls into a financial crisis, Tom Latham voted to reject a credit card holders’ bill of rights that would protect Americans from abusive practices by the credit card companies. With his vote today, Tom Latham made clear that he will continue the Bush-Republican failed economic policies of deregulation that lead to our current financial crisis.

“More and more Americans are facing credit card debt and rising interest rates, and Tom Latham put abusive credit card companies first,” said Becky Greenwald. “I would have voted for this bill in Congress. We need an independent thinker who will end the free pass for corporations and put the best interest of the middle class first.”

Tom Latham vote against consumer protections comes on the same day he announces an endorsement from the U.S. Chamber of Commerce, who along with the Bush Administration, has lobbied for deregulation of the financial markets. (Boston Globe, 3/17/07)

The Credit Card Holders Bill of Rights (H.R. 5244) passed the House despite Tom Latham’s vote. The bill will:

·     Protect against arbitrary rate increases by requiring card companies to give cardholders 45 days notice of any interest rate increases.

·     Prevents card companies from retroactively increasing interest rates on the existing balance of a cardholder unless the cardholder is more than 30 days late.

·     Prohibits card companies from charging interest on debt that is paid on time during a grace period.

·     Curbs excessive fees and prohibits knowingly issuing cards to minors.  

·     Credit-card debt in America has soared to a record high of nearly $1 trillion. [NYT; 3/10/08 http://www.nytimes.com/2008/03/29/business/yourmoney/29money.html?_r=2&adxnnl=1&oref=slogin&adxnnlx=1222193049-iV08tgUelcBtStFIP62Axg ]

·     The average American household’s debt from credit cards has risen from $2,966 in 1990 to $9,840 in 2007 [Parade; 9/23/08] http://www.parade.com/hot-topics/0808/dont-get-clobbered-by-credit-cards  


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