Banking on Barney Frank, Credit Cardholders' Bill of Rights
Stephanie Mencimer writes for Mother Jones magazine about Massachusetts Congressman Barney Frank who is also chairman of the House Financial Services Committee.
The Committee's Subcommittee on Financial Institutions and Consumer Credit is holding a hearing tomorrow continuing its review of H.R. 5244, “The Credit Cardholders’ Bill of Rights: Providing New Protections for Consumers", introduced by Subcommittee Chairwoman Carolyn B. Mahoney of New York. Today's hearing was preceded by an initial hearing on the bill held on March 13.
Subcommittee Chairwoman Maloney said, “The playing field between card companies and cardholders has become very one-sided in recent years. Yet, more and more Americans are turning to their credit cards to help pay bills, buy groceries, and make ends meet in this troubled economy. Instead of looking the other way while Americans fall deeper into debt, Congress can and should take swift action to reform major credit card industry abuses and improve consumer protections for cardholders. The balanced reforms in this legislation will help do just that.”
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