Video archive of the US Congress

House Proceeding on May 20th, 2009 :: 0:57:25 to 1:00:20
Total video length: 2 hours 3 minutes Stream Tools: Stream Overview | Edit Time

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Tom Price

0:57:21 to 0:57:41( Edit History Discussion )

Tom Price: come back to the treasury and go into the general fund. mr. speaker, at this time i'd like to yield four minutes to the gentleman from rosswell, georgia, dr. price. -- the speaker pro tempore: the gentleman is recognized for four minutes. mr. price: thank you, mr. speaker. i want to thank my good friend from texas for his leadership on

Tom Price

0:57:25 to 1:00:20( Edit History Discussion )
Speech By: Tom Price

Tom Price

0:57:42 to 0:58:02( Edit History Discussion )

Tom Price: this and so many issues. he talks about economic responsibility which is what this is all about. the context of this legislation that we are considering, the credit card holders bill of rights act, i'm oftentimes struck in washington that the title of the bill doesn't bear any resemblance to what's in the substance of the bill, this is

Tom Price

0:58:03 to 0:58:23( Edit History Discussion )

Tom Price: again true with this, quote, bill of rights act. but the context in which we are talking about this legislation is an economic backdrop that this country has never experienced before. i hear from constituents every single day in my district who are unable to get loans or w lines of credit. i hear from banks in my district who are suffering under market to market accounting rules and

Tom Price

0:58:24 to 0:58:44( Edit History Discussion )

Tom Price: getting mixed bedge message from the regulators and still wanting to lend. in that light this legislation is simply the wrong thing at the wrong time. this bill, this credit card quote bill of rights act, will decrease the availability of credit and increase the cost of credit. consumers should receive key information about credit card

Tom Price

0:58:45 to 0:59:05( Edit History Discussion )

Tom Price: products in a more concise and simple manner. yes, we agree with that. information will empower consumers to determine which credit card product is right for them. but this bill will decrease the availability of credit and increase its cost. it will impose significant restrictions and price controls on cretors and individuals

Tom Price

0:59:06 to 0:59:27( Edit History Discussion )

Tom Price: will have fewer options, not more, mr. speaker, fewer options from which to choose. this bill will by law prevent issuers from being able to price for risk. that means that they can't look at an individual's credit history to determine what price that issuance of credit will cost. it will dictate how they must

Tom Price

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

Tom Price: treat the payment of multiple balances. it will implement price controls . we'll only see restricted access to credit for those with less than perfect credit histories, and again increase the cost of credit for everyone. . so i ask my colleagues to join me in protecting the amerin

Tom Price

0:59:49 to 1:00:10( Edit History Discussion )

Tom Price: consumer by voting against this rule and by voting against this legislation. let's foster competition in the marketplace by providing consumers with timely, clear and conspicuous information about credit cards. let's make sure that the terms of a credit card account is on a timely basis throughout the

Tom Price

1:00:11 to 1:00:20( Edit History Discussion )

Tom Price: account relationship. let's preserve the relationship of card issuers to provide the benefits that cardholders have come to expect from their credit card accounts.

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