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House Proceeding on Nov 4th, 2009 :: 0:10:55 to 0:15:45
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Jeb Hensarling

0:10:52 to 0:11:12( Edit History Discussion )

Jeb Hensarling: cancel their card or shop around for another card with terms without taking a hit on i urge a yes vote on this amendment and i reserve the balance of my time. the chair: the gentlewoman reserves the balance of her time. the gentleman from texas. mr. hensarli mr. chairman. i claim the time in opposition. the chair: the gentleman is recognized. mr. hensarling: i thank you,

Jeb Hensarling

0:10:55 to 0:15:45( Edit History Discussion )
Speech By: Jeb Hensarling

Jeb Hensarling

0:11:13 to 0:11:34( Edit History Discussion )

Jeb Hensarling: mr. chairman. therare aspects of this legislation -- i'm not sure i completely understand, and if the gelelady from ohio would be willing to explain her amendment, i'd like to yield her time. on line 9 of the amendment, it speaks of the notice of the imposition of a new fee, and i'm curious whether a new fee, does that include increasing

Jeb Hensarling

0:11:35 to 0:11:56( Edit History Discussion )

Jeb Hensarling: the amount of a fee that is already in existence? and i'd yield to the gentlelady for clarification. ms. sutton: i appreciate the inquiry and i believe it would. mr. hensarling texas it would. ok. not only if a new type, it's an

Jeb Hensarling

0:11:57 to 0:12:18( Edit History Discussion )

Jeb Hensarling: altogether new fee that had not previously been imposed, that would be included in the language and any existing fee would come within your definition of new fee. correct? i yield to the gentlelady. ms. sutton: i thank the gentleman for yielding, and yes, that would be the understanding. that fee is a new fee to the

Jeb Hensarling

0:12:19 to 0:12:39( Edit History Discussion )

Jeb Hensarling: consumer. they would have the opportunity to either continue to engage in using that account, with that new fee imposed, or they have a chance to shop around in the free market to find an account more their interests. and they should not be penalized on their credit

Jeb Hensarling

0:12:40 to 0:13:02( Edit History Discussion )

Jeb Hensarling: report for doing that. mr. hensarling: i thank the gentlelady for her explanation. on line 14, we have the phrase to negatively impact. i'm curious whether or not certain creditors feel they are getting accurate data, whether or not this could cause them to

Jeb Hensarling

0:13:03 to 0:13:23( Edit History Discussion )

Jeb Hensarling: drop the consumer's credit card in total, but i suppose the language you use is to negatively impact the consumer's credit score or credit report system of if the impact of your amendment, because incomplete or inaccurate data was given by a credit bureau to a creditor and

Jeb Hensarling

0:13:24 to 0:13:45( Edit History Discussion )

Jeb Hensarling: they chose instead not to take the risk that the negative impact of losing their credit card, that is not assumed in i yield to the gentlelady. ms. sutton: that is not a problem that would result from what this amendment is striving to do.

Jeb Hensarling

0:13:46 to 0:14:06( Edit History Discussion )

Jeb Hensarling: this would just protect the imposition of a negative credit score because when you cancel a card, it will limit the amount of credit you have available and then that is used by -- by credit scorers -- mr. hensarling: i thank the gentlelady for her explanation.

Jeb Hensarling

0:14:07 to 0:14:29( Edit History Discussion )

Jeb Hensarling: i fear for frankly a number of cletors, it might have that impact. so again, i -- for a number of creditors, it would have that impact. so again, i am opposed because i think under the purpose of attempting to help the consumer, you might hurt the consumer. i think what we want is to make sure that creditors receive the

Jeb Hensarling

0:14:30 to 0:14:51( Edit History Discussion )

Jeb Hensarling: most accurate information possible because it is -- because it helps allow more americans to receive credit than otherwise would be possible. there may be a credit bureau who believes that people like me who wear red ties are a greater credit risk. i'm not an expert in it, and i feel certain our colleagues are

Jeb Hensarling

0:14:52 to 0:15:12( Edit History Discussion )

Jeb Hensarling: not expert os whan constitutes a greater credit risk oar lesser credit risk so except for prohibiting rates decreed or clearly delineating civil rights, why do we want to start dictating to credit bureaus about what constitutes a greater risk or what constitutes a lesser risk.

Jeb Hensarling

0:15:13 to 0:15:34( Edit History Discussion )

Jeb Hensarling: again, it might make us feel better, it may have good optics, but at the end of the day, i fear the result is, if you start restricting, if you go down the road of beginning to restrict the information that's available to creditors with less information, they're either going to make credit less available or they are going to increase the cost of that because it becomes a

Jeb Hensarling

0:15:35 to 0:15:46( Edit History Discussion )

Jeb Hensarling: greater risk. listen, on its face, i believe the gentlelady strikes me as fair, but i don't want congress has expertise in this.

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