Video archive of the US Congress

House Proceeding 04-30-09 on Apr 30th, 2009 :: 0:57:35 to 0:59:30
Total video length: 2 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Barbara Lee

0:57:32 to 0:57:52( Edit History Discussion )

Barbara Lee: solution w that i now yield the the gentlelady from california such time as she may consume. the chair: the gentlelady is recognized. ms. lee: thank you very much, mr. chairman. first let me thank the chairman for yielding and for his tremendous leadership in bringi this very important bill to the floor today. i believe that the critical protections contained in this legislation will strengthen the

Barbara Lee

0:57:35 to 0:59:30( Edit History Discussion )
Speech By: Barbara Lee

Barbara Lee

0:57:53 to 0:58:14( Edit History Discussion )

Barbara Lee: regulations issd by the federal reserve and i strongly support its passage. however, mr. chairman, i am concerned that during these incredibly difficult and challenging economic times, our constituents are increasingly being squeezed with egregious fees and dubious business practices by the very banks that their tax dollars have been bailing out.

Barbara Lee

0:58:15 to 0:58:35( Edit History Discussion )

Barbara Lee: the stories about consumers being gouged, gouged by banks that have been suddenly jacking up their interest rates on their credit cards or imposing new monthly service charges, or reducing credit limits with little or no explanation. in most cases these tactics are being used on

Barbara Lee

0:58:36 to 0:58:57( Edit History Discussion )

Barbara Lee: although they carry a balance from month to month, they pay their bills on time, they are playing by the rules, and they make at least their minimum payment. we have heard countless, countless stories of bait and switch tactics by credit card issuers who suddenly raise interest rates because a consumer is a few days late in paying another creditor.

Barbara Lee

0:58:58 to 0:59:18( Edit History Discussion )

Barbara Lee: this is down right wrong, it's outrageous. years ago i worked with now senator saunders on legislation, this was when i was on the financial services committee, to address this practice of universal default. i'm pleased that this language is includ in this bill, but it's critical that the protections banning this practice are put into place immediately.

Barbara Lee

0:59:19 to 0:59:30( Edit History Discussion )

Barbara Lee: mr. chairman, the federal reserve has already determined that the use of these unfair bait and switch profit maximizing tact beics must end. i believe that -- tactics must end.

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