House Proceeding 04-30-09 on Apr 30th, 2009 :: 0:45:05 to 0:49:00
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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

0:45:05 to 0:49:00( Edit History Discussion )
Speech By: Chellie Pingree

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

0:45:41 to 0:46:02( Edit History Discussion )

Chellie Pingree: companies have gotten away with far too much for far too long. it's time we level the playing field for small businesses, families, and individuals. in maine like so many places across the country, this is one of the most impoant issues on the minds of hard-working men and women. if they have not themselves been the victim of arbitrary rate increases, double cycle

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

0:46:25 to 0:46:45( Edit History Discussion )

Chellie Pingree: builds or put food on the table. in maine, not only have we been customers, but we are also employees of a credit card company. as employees we have seen first hand the pervasive and unethical methods these companies employed. when mbna, now bank of america, came into our community, people

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

0:47:07 to 0:47:28( Edit History Discussion )

Chellie Pingree: they couldn't afford. they urged customers to -- they urged employees to take advantage of customers sending kids to college. one woman said, i would literally be crying in the sink

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

0:47:50 to 0:48:10( Edit History Discussion )

Chellie Pingree: regulators hold up their end o the legislation. my amendment requires that the chairman of the board of governors of the federal reserve system reports on the level of implementation every 90 days until he can report full industry adoption. mr. chairman, consum demanded that congress act to stop the egregiousractices of

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

0:48:33 to 0:48:55( Edit History Discussion )

Chellie Pingree: system. i urge a yes vote on the rule and the underlying bill and yield back the balance of my time. the speaker pro tempore: the gentlelady yields back. for what purpose does the gentleman from xas rise? mr. neugebauer: we do not claim any time in opposition to the bill. the chair: the gentlewoman from maine. ms. pingree: i yield back my

0:48:56 to 0:49:00( Edit History Discussion )

Chellie Pingree: time and urge a aye vote. the chair: the question is on the amendment offered by the