0:28:30 to 0:28:36( Edit History Discussion )

Spencer Bachus: prevent some financial difficulties like ms. slaughter said, but often times it will

0:29:13 to 0:29:34( Edit History Discussion )

John J. Jr.Duncan: has resulted in many thousands and thousands of college graduates graduating from college or even before graduation encuring huge, huge debts. when you add credicard debts on top of that, now the average graduating college student has a combined credit card and student

0:29:35 to 0:29:56( Edit History Discussion )

John J. Jr.Duncan: loan debt of $20,402, many, many thousands have much, much more than that. i think this amendment, some of what my friend, the gentleman from alabama, has discussed don't really pertain specific amendment that ms. slaughter and i have done. this amendment applies only to full-time, traditional aged college students defined as

0:30:18 to 0:30:39( Edit History Discussion )

John J. Jr.Duncan: they are not only encouraging students to incur huge student loan debts, they are encouraging students to incur credit card debts. i think this amendment is -- will send a message to parents and college students that they at least need to think about -- we passed a resolution a couple days ago encouraging a financial literacy program recognizing the

0:30:42 to 0:31:02( Edit History Discussion )

Jeb Hensarling: the financial literacy that they need. the chair: the gentleman's time has expired. mr. duncan: i urge support for this amendment. the chair: the gentleman from texas. mr. neugebauer: yield 1 1/2 minutes to the gentleman from texas, mr. hensarling. the chair: the gentleman is recognized for 1/2 minutes. mr. hensarling: i thank the gentleman for yielding. i surge appreciate the intent behind -- i certainly appreciate

0:31:03 to 0:31:24( Edit History Discussion )

Jeb Hensarling: the intent behind the legislation. but i'm fearful what its adverse impact could be. like many people across this nation and probably many people in this institution i worked my way through undergraduate school. i worked a couple of different jobs at texas a&m university back in the mid 1970's to get through college. to get to those jobs i somehow

0:31:46 to 0:32:08( Edit History Discussion )

Jeb Hensarling: that credit card tied me over, made sure i had traportation to get to my job to pay for my undergraduate studies. and i hate to think about all the college students in america who may be denied that opportunity. i used it the way it was supposed to be used. i used it for emergen purposes. i used it to tied me -- tide me

0:32:26 to 0:32:49( Edit History Discussion )

Randy Neugebauer: in the first place so i urge the rejection of this amendment. i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the gentleman from texas. mr. neugebauer: thank you. i yield myself the balance of my time. i think one of the concerns i have is this is a road we seem

0:32:50 to 0:33:10( Edit History Discussion )

Randy Neugebauer: these first 100 days, and that is the federal government telling people what they can and cannot do. i was--i was shocked this we when e.p.a. administrator lisa jackson told public radio that it was time to -- for america to have a single road map and the government to basically tell americans what kind of cars they ought to beriving. now we have an amendment here

0:33:33 to 0:33:54( Edit History Discussion )

Randy Neugebauer: we were working. from time to time we needed a little extra help and we were able to use our gasoline credit card or credit card for unforeseen expenses. now we are telling the people 18 to 2 we don't think the governnt doesn't think you ought to have a credit card or you're not responsible enough to have a credit card. now we have an amendment that says, by the way, we are not going to teach you how to use your credit appropriately.

0:34:18 to 0:34:40( Edit History Discussion )

irresponsibly. so now for those people that feel like that somehow there is predatory activities going on, we are going to take that right away. the chair: the gentleman's time has expired. the question is on the amendment offered by the gentlelady from new york. so many as are in favor say aye. those opposed, no. in the opinion of the chair, the ayes h the amendment is agreed to.

0:35:06 to 0:35:26( Edit History Discussion )

Luis V. Gutierrez: mr. gutierrez: i have amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 4, printed in house report number 111-92, offered by mr. gutierrez of illinois. the chair: pursuant to house resolution 379, the gentleman from illinois, mr. gueter res. -- gutierrez, and a member opposed will each control five minutes. the gentleman -- the chair recognizes the gentleman from

0:35:27 to 0:35:47( Edit History Discussion )

Luis V. Gutierrez: illinois. mr. gutierrez: i yield myself three minutes. the chair: the gentleman is recognized for three minutes. mr. gutierrez: mr. chairman, this amendment which includes language that was requested by the wte house addresses how credit card companies allocate payments when a consumer is

0:36:10 to 0:36:32( Edit History Discussion )

Luis V. Gutierrez: rate, ensuring interest porons remain on the debtor's account longer. h.r. 627 as reported requires payments in excess of the minimum payment to be allocated either, one, to the portion with the highest interest rate first, and then other portions based on two on a pro rata basis.

0:36:54 to 0:37:14( Edit History Discussion )

Luis V. Gutierrez: insurers from abusing their introductory rates they offer by allocating payments to the lowest rate balance first while the industry makes their profits from keeping the highest interest rate balance on the consumer's account which is common practice today. our consumers need every tool we can give them to pay down their existing credit cardebt and avoid getting taught in the cycle of debt.

0:37:31 to 0:37:52( Edit History Discussion )

Randy Neugebauer: i reserve the balance of my . the chair: the gentleman reserves his time. for what purpose does the gentleman from mr. neugebauer: i rise to claim time in opposition to the amendment. the chair: the gentleman is recognized.

0:37:53 to 0:38:14( Edit History Discussion )

Randy Neugebauer: mr. neugebauer: the bill itself reached a compromise about this. it's allowed to prorate that. if there was an introductory period where the interest rate was lower and later on that passed, it was fair to prorate the payments based on the -- between the two rate the old rate and new rate this one now allows the payment to be

0:38:31 to 0:38:55( Edit History Discussion )

Jeb Hensarling: the various creditard companies. so i'm opposed to this. at this time, i would like to yield two minutes to the gentleman from texas, mr. hensarling. the chair: the gentleman is recognized for two minutes. mr. hensarling: i thank the gentlelady for yielding. i fear that what we have here is another form of price

0:38:56 to 0:39:16( Edit History Discussion )

Jeb Hensarling: controls being applied to credit card availability. you know, what's going to happen here, as we attempt to protect the consumer, i think we're about to protect him right out of having any opportunity to have an introductory rate. i mean, what's going to end up happening here is, instead of say, enjoying a 10% rate for

0:39:39 to 0:40:00( Edit History Discussion )

Jeb Hensarling: yes, there are deceptive practices, but don't hurt the consumer as you claim up -- clean up deceptive practices. but let the consumer choose. let the consumer choose. particularly for those who pay their bill otime at the end of each month. they're going to be hurt every

0:40:22 to 0:40:44( Edit History Discussion )

Jeb Hensarling: the consumer. there's a lot of different things i'd love for congress to do. i don't like to pay extra for the cheese on the cheeseburger. maybe we can somehow pass a law that they can't charge me extra for it. what's going to happen is, one, either thing gng to have to

0:40:51 to 0:41:12( Edit History Discussion )

Donna Edwards: we're going to protect consumers out of any opportunity to have introductory rates if they wish them. the chair: the gentleman from illinois. mr. gutierrez: may i ask h much time is remaining on our sides? thenan

0:41:13 to 0:41:34( Edit History Discussion )

Donna Edwards: two minutes. mr. gutierrez: i yield two minutes to the gentlelady. the chair: the gentlelady is recognized. >> thank you to chairman gutierrez for his leadership on this issue and to mrs. maloney

0:41:56 to 0:42:16( Edit History Discussion )

Donna Edwards: companies put the highest interest rate at the bottom of the balance. even if you make a payment every month, none will go to the high interest rate until it has coffered the low interest rate. this is costing consumers thousands of dollars. it makes it difficult if not

0:42:36 to 0:42:56( Edit History Discussion )

Luis V. Gutierrez: the right thick for consumers and saving them thousands that can be put straight back into the economy. i urge my colleagues to support this amendment and the underlying bill. i yield back. the chair: the gentleman from texas. mr. neugebauer: i yield back the balance of my time. the chair: the gentleman from illinois.

0:42:57 to 0:43:17( Edit History Discussion )

Luis V. Gutierrez: mr. gutierrez: i yield myself the remaing time. the chair: the gentleman is recognized for a minute and a half. mr. gutierrez: first of all,s that simple, common sense practice for consumers. it says you had an interest rate of 10% on the first $100 you took, then the credit card company raises it to 20%, take

0:43:40 to 0:44:00( Edit History Discussion )

Luis V. Gutierrez: amendment comes after conversations of the president and the white house with the credit card industry, it was sent over here to the house, i'm proud to join the gentlelady from maryland in proping this common sense amendment to protect consumers. just think, you have a chance to put consumers first in

0:44:23 to 0:44:37( Edit History Discussion )

Luis V. Gutierrez: in the opinion of the chair, the ayes have it. the amendment is agreed. to it is now in order to consider amendment number five

0:44:59 to 0:45:19( Edit History Discussion )

Chellie Pingree: the chair: pursuant to house resolution 389 an, the gentlelady from maine, ms. pingree, and a member opposed each will control five minutes. ms. pingree: thank you, mr. chairman. i yield myself such time as i may consume. the chair: the gentlelady is recognized. ms. pingree: i need thank chairman frank, chairman

0:45:20 to 0:45:40( Edit History Discussion )

Chellie Pingree: gutierrez and congresswoman maloney for their tireless effort on the bill before us today. this bill takes real steps to curbhe unfair, unreasonable and deceptive practices that nearly 175 americans with credit cards are subject to. late fees, over the limit fees, arbitrary increases in interest rates, the credit card

0:46:03 to 0:46:24( Edit History Discussion )

Chellie Pingree: billing and deceptive fees, buried in pages of indecipherable terms, then they know someone who has. while these deceptive and misleading practices have always been unfair, they have devastating financial consequences during this time of economic difficulty when more and more people are using their credit cards to buy gasoline to pay for health care

0:46:46 to 0:47:06( Edit History Discussion )

Chellie Pingree: who traditionally had built homes or been fishermen found themselves using deceptive company practices to sel neighbors credit they couldn't afford. it took its toll. last fall, nightline profiled two people who pushed customers into taking huge cash advances

0:47:29 to 0:47:49( Edit History Discussion )

Chellie Pingree: doing dishes. the methods they were forced to enforce went squarely against what they lived by every day. that's why it's so important to pass this landmark bill today. i strongly support the bill before us but i want to beure it's implemented as soon as and as well apossible. we need to be dill yent about making sure the industry and

0:48:11 to 0:48:32( Edit History Discussion )

Chellie Pingree: credit card companies and it is our responsibility to provide acuntability and oversight that is necessary to ensure this happens. as we move to rebuilt our economy in a way that is honest and fair this common sense legislation will allow card holders to responsibly manage their finances. today, this body has the opportunity to change course by fixing a broken credit card