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House Proceeding 04-30-09 on Apr 30th, 2009 :: 0:35:20 to 0:37:30
Total video length: 2 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Luis V. Gutierrez

0:35:06 to 0:35:26( Edit History Discussion )

Luis V. Gutierrez: mr. gutierrez: i have amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 4, printed in house report number 111-92, offered by mr. gutierrez of illinois. the chair: pursuant to house resolution 379, the gentleman from illinois, mr. gueter res. -- gutierrez, and a member opposed will each control five minutes. the gentleman -- the chair recognizes the gentleman from

Luis V. Gutierrez

0:35:20 to 0:37:30( Edit History Discussion )
Speech By: Luis V. Gutierrez

Luis V. Gutierrez

0:35:27 to 0:35:47( Edit History Discussion )

Luis V. Gutierrez: illinois. mr. gutierrez: i yield myself three minutes. the chair: the gentleman is recognized for three minutes. mr. gutierrez: mr. chairman, this amendment which includes language that was requested by the wte house addresses how credit card companies allocate payments when a consumer is

Luis V. Gutierrez

0:35:48 to 0:36:09( Edit History Discussion )

Luis V. Gutierrez: carrying balances on their credit cards at several different interest rates. under existing law when different portions of a consumer's credit card balance have different interest rates, the credit card insurer may allocate payments in excess of the minimum payment in any manner they choose. many allocate these excess payments to the portion of the balance with the lowest interest

Luis V. Gutierrez

0:36:10 to 0:36:32( Edit History Discussion )

Luis V. Gutierrez: rate, ensuring interest porons remain on the debtor's account longer. h.r. 627 as reported requires payments in excess of the minimum payment to be allocated either, one, to the portion with the highest interest rate first, and then other portions based on two on a pro rata basis.

Luis V. Gutierrez

0:36:33 to 0:36:53( Edit History Discussion )

Luis V. Gutierrez: the gutierrez-edwards-peters amendment would eliminate thi option and require credit card insurers to allocate payments in excess of the minimum payment to the portion of the consumer's remaing balance highest interest rate first and then by any remaining balances in descending order. this amendment would prevent the credit insurers -- credit card

Luis V. Gutierrez

0:36:54 to 0:37:14( Edit History Discussion )

Luis V. Gutierrez: insurers from abusing their introductory rates they offer by allocating payments to the lowest rate balance first while the industry makes their profits from keeping the highest interest rate balance on the consumer's account which is common practice today. our consumers need every tool we can give them to pay down their existing credit cardebt and avoid getting taught in the cycle of debt.

Luis V. Gutierrez

0:37:15 to 0:37:30( Edit History Discussion )

Luis V. Gutierrez: this amendment would of power from credit card companies to our consumers. i thank the two wonderful freshmen members who co-sponsored this amendment, mr. peters from michigan and ms. edwards from maryland. i strongly urge my colleagues to support this amendment.

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