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Video archive of the US Congress

House Proceeding 04-30-09 on Apr 30th, 2009 :: 1:06:10 to 1:08:10
Total video length: 2 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Randy Neugebauer

1:06:06 to 1:06:26( Edit History Discussion )

Randy Neugebauer: manage their accounts. i urge a yes vote on this amendment and i reserve the balance of my time. . the chair: for what purpose does the gentleman from texas rise? mr. neugebauer: i claim the time in opposition. the chai the gentleman is

Randy Neugebauer

1:06:10 to 1:08:10( Edit History Discussion )
Speech By: Randy Neugebauer

Randy Neugebauer

1:06:27 to 1:06:48( Edit History Discussion )

Randy Neugebauer: recognized. mr. neugebauer: here we go again, taking choices away from people who use credit cards as a valuable tool for their personal finances. imagine you're at a banquet or someplace and give the mater deyour credit card and -- the maitre d' your credit they put the credit card in and

Randy Neugebauer

1:06:49 to 1:07:10( Edit History Discussion )

Randy Neugebauer: it comes back rejected. you face the embarrassment of that and you find out you dn't opt in to a service we provide so we could not provide you the opportunity to go over your line of credit. and you say, how much was i over my line of credit?

Randy Neugebauer

1:07:16 to 1:07:36( Edit History Discussion )

Randy Neugebauer: over by $4. what we find today, according to the american bankers' association, 99% of the people opt in or stay -- avoid opting out because they like that valuable service that they have. so again, what we would have here is a situation where people nay may not know this service is available to them. maybe they're making their utility bill payment and find out their card was rejected because they didn't have this service. it's two or three weeks before

Randy Neugebauer

1:07:37 to 1:07:57( Edit History Discussion )

Randy Neugebauer: they get a notice from their utility company and find out thei shut off. s that system that's really not broken. in fact, the federal reserve, in their study, when they looked at these regulations, decided to leave that alone. found out it was working extremely well. we are micromanaging this

Randy Neugebauer

1:07:58 to 1:08:10( Edit History Discussion )

Randy Neugebauer: process and the big losers aren't going to be the credit card companies, who i think is a lot of people are trying to attack to with this bill. the big losers will be the consumers that rely on that valuable service. so i -- i'm in strong

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