Video archive of the US Congress

House Proceeding 04-29-09 on Apr 29th, 2009 :: 0:59:10 to 1:06:30
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Luis V. Gutierrez

0:59:07 to 0:59:27( Edit History Discussion )

Luis V. Gutierrez: gentleman on the other side of the aisle. i the issuers have been opposed to this legislation and we need it now. we're in bad times. consumers need protections. the chair: the gentleman from illinois. mr. gutierrez: mr. chairman, in continuing our agreement, i'm going yield myself five minutes. that will put us at about the

Luis V. Gutierrez

0:59:10 to 1:06:30( Edit History Discussion )
Speech By: Luis V. Gutierrez

Luis V. Gutierrez

0:59:28 to 0:59:48( Edit History Discussion )

Luis V. Gutierrez: same amount of time on each side of the aisle. so i yield myself five minutes, mr. chairman. the chair: the gentleman from illinois is recognized. mr. gutierrez: mr. chairman, first of all, let me rise in strong support of h.r. 627, the credit cardholders' bill of rights act of 2009. and let me once again thank the gentlelady from new york,

Luis V. Gutierrez

0:59:49 to 1:00:09( Edit History Discussion )

Luis V. Gutierrez: congresswoman maloney, for her defending consumers. i can't think of a better legislative product that i could have as chairman of the subcommittee on financial institutions to bring before this house of representatives than the bill that the gentlelady has worked so

Luis V. Gutierrez

1:00:10 to 1:00:31( Edit History Discussion )

Luis V. Gutierrez: tirelessly on over many, many years. i'm delighted that i got this opportunity and it's indeed a great privilege. look, we have more than 640 million credit cardin circulation that account for an estimated $1.5 trillion of consumer spending. $1.5 trillion of consumer spending.

Luis V. Gutierrez

1:00:32 to 1:00:52( Edit History Discussion )

Luis V. Gutierrez: clearly the u.s. economy has gone plastic. i mean, you've been around, nobody takes out a checking account anymore. nobody sticks their hand in their pocket and brings out cash. economy. and society. but america's love affair with credit cards comes with a hefty

Luis V. Gutierrez

1:00:53 to 1:01:14( Edit History Discussion )

Luis V. Gutierrez: price. the averag among american households has more than doubled during the last 10 years. today the average family owes roughly credit cards. the debt has helped generate record profits for the credit card industry. unfortunately, a growing share

Luis V. Gutierrez

1:01:15 to 1:01:36( Edit History Discussion )

Luis V. Gutierrez: of the industry's revenues don't come because you took $200 at 10%, but come because the industry's revenues come from deceptive practices such as universal default terms spelled now the very fine print. as a matter of fact, we now know that even the federal reserve board, when they evaluated the

Luis V. Gutierrez

1:01:37 to 1:01:58( Edit History Discussion )

Luis V. Gutierrez: situation, said, listen, i want the american people to understand that it isn't that they're not smart, it isn't they can't read, it somehow they didn't get schooled w designed to be deceptive. they're designed to trick you. and so you get tricked, you get fooled, that's what we're hear

Luis V. Gutierrez

1:01:59 to 1:02:20( Edit History Discussion )

Luis V. Gutierrez: no longer happens. that's independently been confirmed. that's the way they do it. that's the magic of what they do and kind of the recipe here is to make sure there's a level playing field and that's what this thing does. the terms and conditions can be changed. not only is there fine print, but then they can change it with

Luis V. Gutierrez

1:02:21 to 1:02:42( Edit History Discussion )

Luis V. Gutierrez: 15 days' notice at any time for any reason. according to a recent study, 100% of 400 types of credit cards that they reviewed contaid in its terms at least one practice that has been found not by the democrats, not by the republicans, not by the obama administration, but by the

Luis V. Gutierrez

1:02:43 to 1:03:06( Edit History Discussion )

Luis V. Gutierrez: federal reserve to be unfair and deceptive. and 93% of the cards studied allowed -- allowed for any time, any reason, reprising, allowing an insurer to hike the.p.r. on a consumer's credit card, even if they never missed a payment. so i want everybody to understand, we're not talking about people who are late with their credit card bills.

Luis V. Gutierrez

1:03:07 to 1:03:27( Edit History Discussion )

Luis V. Gutierrez: not paying late. they're not somehow scaffle louis. these are people who pay it on time card company and they'retill increasing their interest rates. in 2008, the house passed the credit cardholders' ll of rights by a vote of 312-112 but it was unfortunately not signed into law.

Luis V. Gutierrez

1:03:28 to 1:03:49( Edit History Discussion )

Luis V. Gutierrez: this year, once again, under the leadership of representative carolyn maloney, we have taken up h.r. 627 which appropriately carries the name of its predecessor and hasoved swiftly to the floor for final pass and. we must pass this legislation once again. americans are sufferg from rising unemployment rates, dramatically-fall --

Luis V. Gutierrez

1:03:50 to 1:04:11( Edit History Discussion )

Luis V. Gutierrez: dramatically falling household weth and declining real wages, i want to say that again, americans are suffering from rising unemployment rates, dramatically fin wealth and decline real wages, all of which makes it harder for them to pay off their credit card debt. makes it harder, more difficult. if there was ever a time for the congress of the united states to

Luis V. Gutierrez

1:04:12 to 1:04:32( Edit History Discussion )

Luis V. Gutierrez: step up and defend consumers, it's now. we are in an economic crisis and meltdown. unemployment. millions of people are unemployed and probably more hundreds of thousands will continue to be unemployed. look, all we're saying is, we did a lot for the banks, everybody knows that. when they were in tough shape,

Luis V. Gutierrez

1:04:33 to 1:04:53( Edit History Discussion )

Luis V. Gutierrez: we did a lot for them. can't we do a little bit for the consumer? for the person who has to tirelessly work at these jobs and their wages are going down and their health care benefits are going down and everything around them seems to be jt causing more and more anguish and suffering? that's what i hear from american

Luis V. Gutierrez

1:04:54 to 1:05:16( Edit History Discussion )

Luis V. Gutierrez: people, that it's time for the congress -- i yield myself an additional minute, mr. chairman. . . i understand that we don't wt to restrict credit. we want people to have it. but if i take a loan at 10%

Luis V. Gutierrez

1:05:17 to 1:05:38( Edit History Discussion )

Luis V. Gutierrez: then all of a sudden they charge me 20% on the same money i took at 10%, that's wrong, it's just wrong. nobody should be able to change the terms. this is america, right? you shake hands, make an agreement and say t much you're going to pay. but we know the credit card companies aren't doing that.

Luis V. Gutierrez

1:05:39 to 1:05:59( Edit History Discussion )

Luis V. Gutierrez: as a matter of fact, what they say, that $1,000 you took at 10%, i'm not only going to charge you 20%, but i'm going to go back two, three months retroactively and charge you 20% on that money. that wrong. and it's wrong when you pick up the telephone and you say,

Luis V. Gutierrez

1:06:00 to 1:06:20( Edit History Discussion )

Luis V. Gutierrez: listen, i just got my bill, but it's three days before it's due, can i pay you over the phone, they say for $15, $20. how many people -- 30 additional seconds -- how many people in america have picked up the phone to complain and if you get a

Luis V. Gutierrez

1:06:21 to 1:06:30( Edit History Discussion )

Luis V. Gutierrez: little testy with them, which i have, because they anger me, and i say could you explain to me -- click. you know what we're doing today?

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