Tuesday, May 5, 2009


Do not EVER fall into the delusion that Congress legislates for the benefit of citizens. Congress acts to preserve and protect the interests of the owners of the country, and if there accrues some small benefit to the People, well, shit happens.

Jane Hamsher connects the dots:
Plastic People: Frank, Pelosi Don’t Want Credit Card Interest Rates Capped

By: Jane Hamsher Monday May 4, 2009 9:40 am

The Credit Card Holders Bill of Rights passed the House last week, and now we have an answer to the question -- Nancy Pelosi and Barney Frank don't want caps on credit card interest rates. This despite the fact that TARP recipients like B of A and JP Morgan (Chase) have received billions of dollars in taxpayer bail out funds and have doubled credit card interest rates on some customers.

As I wrote last week, a bill gets to the floor because the Rules Committee says it can. The Rules Committee pretty much just rubber stamps what the Speaker and the Committee Chair want -- in this case, Barney Frank and Nancy Pelosi. Funny enough, no amendment which would have capped interest rates made it to the floor, despite the fact that many were offered; among them:
  • Edwards, Donna, #15: Would impose a cap on increases of no more than 10% APR per year, applying only to new debt, and requires issuers to provide clear, written notification to consumers explaining the APR increase.
  • Edwards, Donna, #17: Would place a cap on credit card interest rates at the prime rate plus 10%.
  • Hinchey(NY)/Welch (VT)/ Tierney (MA)/ McDermott (WA), #3: (WITHDRAWN) Would cap credit card interest rates at 18 percent.
None of these amendments made it to the floor.

Ergo, Nancy Pelosi and Barney Frank didn't want interest rate limits capped. Nor do they want House members having to take an embarrassing vote on the matter. Small wonder -- I've been going through the campaign contribution and lobbying records, there's tens of millions flying around to keep it from happening.

This is the way the agenda gets controlled by the banks -- just enough gets done to make it seem like Congress did something, but the banks actually get to dictate the terms of what that "something" is. Now on to the Senate, where nobody thinks the situation will get any better.

Speaker Pelosi's office: (202) 225-4965
Barney Frank's office: (202) 225-5931
It is interesting to regard the comments to Hamsher's post. The outrage is palpable! And so predictable. They're Shocked, SHOCKED, I tell you.

No comments: