Senate Proceeding on May 14th, 2009 :: 6:26:20 to 6:33:25
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6:26:16 to 6:26:37( Edit History Discussion )

Don Cazayoux: quorum call: a senator: the presiding officer: the senator from mr. aka: mr. president, i ask unanimous consent that the quorum call be rescinded. the presiding officer: without objection, so ordered. mr. aka: mr. president, i rise to support the credit card act of 2009. i want to commend the

6:26:20 to 6:33:25( Edit History Discussion )
Speech By: Don Cazayoux

6:26:38 to 6:26:58( Edit History Discussion )

Don Cazayoux: of the banking committee for his outstanding efforts to craft this legislation. i also appreciate the work done by senator shelby in developing the bill that should be able to garner broad bipartisan support and become law.

6:26:59 to 6:27:19( Edit History Discussion )

Don Cazayoux: too burdened by significant credit card debt. not enough has been done to protect consumers and ensure they are able to properly manage their credit we must do more to

6:27:20 to 6:27:40( Edit History Discussion )

Don Cazayoux: protect, and empower consumers. this comprehensive legislation has numerous provisions that benefit consumers. however, my remarks will focus on the portion of the legislation which is based on my bill, the credit card minimum

6:27:41 to 6:28:04( Edit History Discussion )

Don Cazayoux: payment i originally introduced the act in the 108th congress. i have greatly appreciated the efforts of senators durbin, schumer, and leahy who helped develop and support that legislation. i also want to acknowledge senator feinstein for her

6:28:05 to 6:28:26( Edit History Discussion )

Don Cazayoux: contributions on this we attempted to attach our legislation as an improve the flawed minimum payment warning in the bankruptcy abuse prevention act. on march 2, in "the washington post"

6:28:27 to 6:28:47( Edit History Discussion )

Don Cazayoux: criticized the bankruptcy legislation then being considered. the editorial stated -- and i quote -- "at the very senator daniel k. aka has proposed, credit card issuers who now

6:28:48 to 6:29:08( Edit History Discussion )

Don Cazayoux: solicitations a year ought to be required to disclose to borrowers the true cost of making only the payments." mr. president, i ask unanimous consent that the text of the entire the record following my remarks. the presiding officer: without

6:29:09 to 6:29:30( Edit History Discussion )

Don Cazayoux: objection, so ordered. mr. aka: thank you, mr. president. unfortunately, our amendment at that time was mr. president, although there have been some modifications and additions, the credit c contains the primary provisions of my legislation. the

6:29:31 to 6:29:52( Edit History Discussion )

Don Cazayoux: consumers be told how will take to repay their entire balance if they make minimum payments. the total cost of making only the minimum payments would have to these provisions will make individuals much more

6:29:53 to 6:30:15( Edit History Discussion )

Don Cazayoux: the true cost of credit card debt. consumers would have to be provided with the amount they need to pay to eliminate the outstanding balance within 36 months, which is a typical length of a debt management plan. the personalized payment disclosures are important.

6:30:16 to 6:30:36( Edit History Discussion )

Don Cazayoux: but consumers must be given opportunities to find reputable credit counseling services. section 201 also includes our requirement for creditors to establish and maintain a toll-free number so that consumer can access trustworthy

6:30:37 to 6:30:57( Edit History Discussion )

Don Cazayoux: credit counselors. the toll-free number will have to appear on credit card billing statements along with minimum payment warning information. more working families are trying to survive financially and meet their financial obligations.

6:30:58 to 6:31:20( Edit History Discussion )

Don Cazayoux: consumers often seek out help from cre manage their debt burdens. it is extremely troubling that unscrupulous credit counselors exploit individuals who are trying to locate the assistance that they need. as financial pressures increase

6:31:21 to 6:31:42( Edit History Discussion )

Don Cazayoux: for working families, credit counseling becomes even more important. the card act will assist working families with finding credit counselors, and that will help rather than exploit them. yesterday i filed an amendment

6:31:43 to 6:32:04( Edit History Discussion )

Don Cazayoux: to the card act to simplify the administration of the credit card counseling referral provision. the amendment would require the federal reserve board to issue the guidelines for development and maintenance by creditors of a toll-free number, which would provide information about credit

6:32:05 to 6:32:26( Edit History Discussion )

Don Cazayoux: counseling and debt management services. referrals for credit counseling services veer the toll-free -- fear the toll-free number could only go to the nonprofit counseling agencies approved by the united states bankruptcy trustees.

6:32:27 to 6:32:49( Edit History Discussion )

Don Cazayoux: this modification will utilize an existing approval process and a counselors instead of creating a new process for the section of 20. i thank the -- 201. i thank the chairman and ranking member for their willingness to accept this amendment.

6:32:50 to 6:33:11( Edit History Discussion )

Don Cazayoux: madam president, after many years it appears that we may finally be enacting a bill -- a bill that will educate, and consumers. once again, i thank chairman dodd for all of his outstanding efforts to help our working families.

6:33:12 to 6:33:25( Edit History Discussion )

Don Cazayoux: the administration also deserves credit for their efforts to help move this legislation closer to and i look forward, madam president, to continuing to work