US Sen Dodd To Introduce Consumer Protection Bill

[Purveyor]

Source: Dow Jones

WASHINGTON -(Dow Jones)- Senate Banking Committee Chairman Christopher Dodd said Tuesday that he plans to unveil a legislative package including consumer protection measures pertaining to credit cards, predatory lending, bankruptcies and subprime mortgages.

Dodd, D-Conn., said that he will seek passage of the package - either on its own or as part of an economic stimulus bill - as soon as mid-November, when the Senate will hold a lame-duck work session after the Nov. 4 election Dodd framed the package as a counterpart to a $700 billion Wall Street rescue package signed into law earlier this month.

"It seems to me appropriate that we take some steps to provide for the consumer as well," Dodd said.

Dodd said that he had contacted House and Senate leaders to discuss the package, but hadn't spoken to anyone yet.

The package would include a 90-day moratorium on foreclosures and a provision allowing homeowners to protect their first property through bankruptcy proceedings, according to Dodd. While many congressional Democrats wanted to include a bankruptcy provision in the rescue bill passed earlier this month, the proposal faced strong opposition from congressional Republicans and the White House.

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Read more: http://tinyurl.com/3nuf3b

[Tandalayo_Scheisskopf]

1. It is a sad commentary on the last eight years...

That bankruptcy has to be reintroduced in a bill in Congress.

[Kalifornia.Kid]

2. Yes! Something for Main Street Folks.

[mike_c]

3. anything that could have been included in the bail out bill...

...would have gotten Bush's signature. That was one bill he absolutely had to sign, no matter what. Instead of pork, congressional dems should have loaded it up with consumer protections, living wage laws, banking industry reforms, and so on. If republicans refused to support it, then it's on their heads-- but eventually Bush would have come BEGGING them to put the bill on his desk. Dems missed an historic opportunity to squeeze Bush where it counts.

[WA98296]

4. Love you Chris Dodd! A wonderful Senator!

[KoKo]

5. UMMM sorry Chris...this is NY Dem Rep Carolyn Maloney's Bill passed before you RECESSED...

Much as I love our Senator Dodd he's stomping on what the HOUSE PASSED and claiming it as his own. Is he up for eclection in CONN that he could be so vicious to stomp on a House Rep who did the "Heavy Lifting" on this BILL?

The way it works is: "House Votes on Bill, passes it and sends it on to the Senate..which can take a session or two to deliberate if it's good enough for them or not and then call a vote..given their time frame. US Dem Rep: Maloney got this one through the HOUSE and it passed...If the Senate draggs it's fee or puts their own "caveats for Pork" onto this bill it won't be what the HOUSE passed.

What I would hope Dodd would add to this sound bill is that the "USURY RATES" that Credit Card Companies are charging their Credit Card Holders are so far above "PRIME RATE" that they rival the old "Crime Gangs" in America who used to be "Loan Sharks" gouging the INNOCENT!

Our major Bank Credit Card Providers have charged US citizens GOUGING PRICES FOR OVER A DECADE!

IT's TIME TO STOP THIS MOB BASED FINANCE CHARGES!

[sandnsea]

9. Click and read

"I would like to codify some of these provisions that I've authored in the past and that others have supported and authored themselves," Dodd said

[Waiting For Everyman]

6. Good!

I'm glad the Senate is going to follow up on the House bill, and do this. It's a no-brainer. I just hope the usual bank lobbyists don't ruin it again. And of course, it needs to go further. We do need usury limits, across the board, on every kind of debt.

[Hawkeye-X]

8. 1% over prime. That's it. Anything higher than that is usury.

Loud and clear.

Hawkeye-X

[Rage for Order]

7. This sentence in the article is odd

"Dodd said that he had contacted House and Senate leaders to discuss the package, but hadn't spoken to anyone yet."

Did he contact them or not? Maybe the author should've said he left messages for House & Senate leaders? :shrug: