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Senate Proceeding on May 14th, 2009 :: 7:52:35 to 7:58:29
Total video length: 9 hours 49 minutes Stream Tools: Stream Overview | Edit Time

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Mary Landrieu

7:52:33 to 7:52:54( Edit History Discussion )

Mary Landrieu: -- caused my mother so many sleepless nights. thank you, madam and ms. landrieu: madam president? the presiding officer: the senar from louisiana. ms. landrieu: thank you, madam president. i come to the floor to speak about the amendment that's pending. one of the pending amendments.

Mary Landrieu

7:52:35 to 7:58:29( Edit History Discussion )
Speech By: Mary Landrieu

Mary Landrieu

7:52:55 to 7:53:17( Edit History Discussion )

Mary Landrieu: it's amendment number 1079, and in a few minutes, i'm going to ask for a motion on that amendment. but i wanted to speak about it first, if i could. i did not get to hear all of at the wonderful senator and colleague from missouri said. but i -- i take it that she, like i, am a supporter of the underlying bill.

Mary Landrieu

7:53:18 to 7:53:38( Edit History Discussion )

Mary Landrieu: and i can most certainly appreciate the need for this consumer protection. as the chairman of the small business committee, i have been hearing literally for months, as because you have been in attendance and sat through these hearings with me. you have heard the tragic stories, really of small business that's have done

Mary Landrieu

7:53:39 to 7:54:00( Edit History Discussion )

Mary Landrieu: everything right. businesses that had excellent business models. people who have been in business for four decades or longer. businesses who have never missed a credit card payment. you have heard their pleas to us to give them some relief.

Mary Landrieu

7:54:01 to 7:54:21( Edit History Discussion )

Mary Landrieu: and consumers generally have said the same. the wonderful thing is this underlying bill gives some relief to consumers to personal credit cardholders, and i commend senator dodd and senator shelby for bringing this bill to the floor. it only got out of this

Mary Landrieu

7:54:22 to 7:54:42( Edit History Discussion )

Mary Landrieu: committee, which is tou any pro-consumer legislation out of the banking committee, unfortunately, by only one vote, i understand. but they managed and they got it to the floor. and it's a very important bill. so that people cannot have their interest rates raised without notice. they can't have their balances

Mary Landrieu

7:54:43 to 7:55:03( Edit History Discussion )

Mary Landrieu: double charged. in other words, right now today if you owed $5,000 on your credit card and you cashed in your savings bonds and everything else and you pai paid $4,500 on that balance to get it down under the current law credit card companies can still charge you full interest

Mary Landrieu

7:55:04 to 7:55:24( Edit History Discussion )

Mary Landrieu: on the $5,000. that is wrong. when the same companies are receiving billions and billions and billions of taxpayer dollars so that they can turn fleece the people that are sending them the tax dollars to bail them out. it is really unconscionable. it is truly unconscionable.

Mary Landrieu

7:55:25 to 7:55:47( Edit History Discussion )

Mary Landrieu: so the committee acted. and they did the right thing. they extended these protections to the -- they extended these protections to consumers. but there was some potential jurisdictional questions or perhaps an oversight that the

Mary Landrieu

7:55:48 to 7:56:09( Edit History Discussion )

Mary Landrieu: bill does not protect holders of busine now, 25 years ago this wouldn't have bn an issue, because most people building a business or financing a business had other avenues of capital. but tod trend in credit card use, in

Mary Landrieu

7:56:14 to 7:56:35( Edit History Discussion )

Mary Landrieu: 1993, you know, 16 years ago 16% said that they used the credit cards to finance their operations. but, madam president, in this 16 years it has gone to 60%. so 16% to 60%. it has become a source of

Mary Landrieu

7:56:36 to 7:56:56( Edit History Discussion )

Mary Landrieu: capital and cash flow tool for small business. here, again, is another chart. and we've learned this in our hearings that we sources of financing in 2009. credit cards 59%. just about 60%.

Mary Landrieu

7:56:57 to 7:57:17( Edit History Discussion )

Mary Landrieu: bank loans 45%. vendor credit, 30%, used no financing, cash or savings, 19%. private loans through a friend or family, 19%. and, of 5%. although it is small, it is an importt part to help to

Mary Landrieu

7:57:18 to 7:57:38( Edit History Discussion )

Mary Landrieu: finance and be a foundation and it's long term i might say. our loans are 20, 25, 30 some of these loans are o 30ay loans, 60-day loans. we hope with your president, and the senator from

Mary Landrieu

7:57:39 to 7:58:00( Edit History Discussion )

Mary Landrieu: maine, we can get this number up. but the point of this discussion is this number, 60%. small businesses in louisiana from new orleans to alexandria to businesses that i see when i'm

Mary Landrieu

7:58:01 to 7:58:22( Edit History Discussion )

Mary Landrieu: shopping at all businesses standing line. i know that they're not families, they have four dozen oranges. no oranges, so you know that they're buying it for their restaurant or for their corner store. so we know that these small businesses

Mary Landrieu

7:58:23 to 7:58:32( Edit History Discussion )

Mary Landrieu: more on credit cards. but in this bill that we're voting on, there's no protection for them. zero.

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