Republicans Block Dodd’s Effort to Immediately Stop Credit Card Rate Hikes

from Crooks and Liars by Heather

From Sen. Chris Dodd--Republicans Block Dodd's Effort to Immediately Stop Credit Card Rate Hikes:

Senate Republicans blocked Banking Committee Chairman Chris Dodds (D-CT) attempt to pass legislation to stop credit card interest rate hikes.

Dodd went to the Senate floor to ask for consent for the Senate to take up and pass his Credit Card Rate Freeze Act, which would prevent credit card companies from hiking interest rates, fees and finance charges on customers existing balances until Credit CARD Act protections take effect in February. Regrettably, Republican Senator Thad Cochran (R-MS) objected to Dodds request, blocking the bill from Senate passage.

Consumers obviously have a responsibility to spend within our means and to pay what we owe. We bear that responsibility. But the credit card industry as well has a responsibility to deal with their customers honorably. There is nothing honorable about whats happened with these significant rate increases and fees. Most importantly, they dont have a right to rip off American families, especially when the Congress has already gone on record opposing the very actions they're engaging in, Dodd said on the Senate floor.

Happy Holidays from the GOP.

John Amato:

This is outrageous. The Republicans are actually blocking freezes on credit card rate hikes as the holidays approach us? What would Santa say? Where's the outrage from the Democrats and the Villagers? Will David Broder write a juicy article showing his disdain for the treatment of the American people by republicans? I mean he's the ultimate bipartisan scold. I bet if you asked the teabaggers waiting to see Sarah Palin at a book signing, they would say that it's un-American and Socialist to stop credit card companies from raising their rates. "That's their right as Americans if you support freedom and the Constitution." Maybe Palin will write something about it on her Facebook page for the media to lap up. You know, the Democrats are trying to use death panels on the poor credit card companies in a down economy. That's can't be good, right Katie?

Digby writes:

These people are sticking up for credit card companies who are gouging their customers during the holidays in the middle of a recession! What do they have to do to provoke some outrage from the Democrats, gun down Tiny Tim? (Of course, the Republicans would simply say they were defending their constitutional right to bear arms.)

Honestly, this should provoke a Democratic outcry of epic proportions because it's good policy and it's good politics. They missed the boat by failing to draw attention to the fact that the Republicans blocked the unemployment insurance extension for over a month but this issue is hitting both the employed and the unemployed, all across the country.