House Proceeding 04-29-09 on Apr 29th, 2009 :: 1:20:50 to 1:26:10
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1:20:46 to 1:21:06( Edit History Discussion )

Luis V. Gutierrez: never imply we don't have sincere differences on some of these points. and my time has expired. the gentleman's time has expire -- the chair: the gentleman's time has expired. the gentleman from illinois. mr. gutierrez: i yield myself

1:20:50 to 1:26:10( Edit History Discussion )
Speech By: Luis V. Gutierrez

1:21:07 to 1:21:28( Edit History Discussion )

Luis V. Gutierrez: the balance of my time. i look forward to continuing to work with the ranking member of the full committee, spencer bachus. we have a great friendship and we have a difference of opinion. in america, you can do that. that's part of what makes this the best nation in the world. and i look forward to

1:21:29 to 1:21:49( Edit History Discussion )

Luis V. Gutierrez: mr. hensarling. we may not agree but we'll agree not to be disagreeable or atck each other personally or question our motives about what we do and why we do it. because for me, the bill does not equate to price controls. a lot of america, listening to my friends on the other side of the aisle, think there's price controls here.

1:21:50 to 1:22:10( Edit History Discussion )

Luis V. Gutierrez: there's no limit in this bill on the int charge. none whatsoever. free market. rather, what the bill does is brings transparency, it brings openness to the credit card marketplace. what could be better than to shine daylight on any product? then the c they're getting and what they're not getting.

1:22:11 to 1:22:31( Edit History Discussion )

Luis V. Gutierrez: they can say, i don't want that or yes, i do want that. transparency promotes competitiveness in the marketplace, which will eventually bring prices down. if you know what the price of welcome y and z, you're going to go where you can get the be deal.

1:22:32 to 1:22:53( Edit History Discussion )

Luis V. Gutierrez: that's what americans do. that's what this bill really does. what this bill does is it tells the consumers and credit card issuers, honor your contract. here's the contract. you told me it was 10%, you told me it was 15% you told me it was 20%, you can't change it.

1:22:54 to 1:23:15( Edit History Discussion )

Luis V. Gutierrez: under existing law, issuers can change the terms in the middle of the game. we know we have constricting credit with nothing to pay the higher interest rate. i want to tell the american people that righnow, credit card companies can issue cards to 14, 15, 16-year-olds that are not emancipated. who is going to pay the credit card bills?

1:23:16 to 1:23:38( Edit History Discussion )

Luis V. Gutierrez: mommy, daddy, that's who's going to pay them. we all know that. who is going to leave their kids out there? no one is. all good parents are going to say, it's my child my son, i'm responsible for my daughter, i'm responsible. and the credit card companies know it. they know it. i don't know this to be a fact,

1:23:39 to 1:24:00( Edit History Discussion )

Luis V. Gutierrez: but i'm sure they're checking into what your credibility is. they say, daddy can pay, mother can pay, let's give the child. listen, i wat to make one thing clear. even though the bill says 18, emancipation, come on. in america what 18-year-old is emancipated? they're in the emancipated, 19, 20, 21, 22.

1:24:01 to 1:24:22( Edit History Discussion )

Luis V. Gutierrez: nobody throws their kids out of the house. everybody keeps them and cherishes them, credit card companies know that too when they're issuing credit cards. college students, you're paying tuition, paying for room and board, paying for their health care, their clothes. then they send them a credit card company to undermine your ability to give your child a college education.

1:24:23 to 1:24:43( Edit History Discussion )

Luis V. Gutierrez: listen, everywhere you go in america, you want to buy clothes? take a credit card. want to fix your card zphar got a credit card for you. want to buy a refrigerator? got a credit card for you. what we have is an economy on a credit card basis. what we're saying is, since this has been promoted so much,

1:24:44 to 1:25:05( Edit History Discussion )

Luis V. Gutierrez: let's make sure we do this. listen, i remember -- i remember when i didn't make $174,000 as a member of congress. i remember when i lived paycheck to paycheck. i remember when the credit card companies would increase the interest rate or tell me, mr. gutierrez, through no fault of

1:25:06 to 1:25:28( Edit History Discussion )

Luis V. Gutierrez: your own, we're not going to extend you any more credit, pay down your bill as this credit interest rate higher than the one you took it out. i remember. maybe we should all go back to remembering when things weren't so rosy in our own personal lives in terms of being members of congress and put ourselves in the position of people who

1:25:29 to 1:25:49( Edit History Discussion )

Luis V. Gutierrez: live paycheck to paycheck. if we do that tomorrow, i tnk what we're going to do is stand on the side of consumers. as mr. bachus says, consumers are angry. the american public is frustrated, they're outraged by what credit card companies are doing. i yield ck the balance of my time.

1:25:50 to 1:26:12( Edit History Discussion )

Luis V. Gutierrez: the speaker pro tempore: the gentleman yields back. all time for general debate has expired. under the rule, the committee