Perhaps, it was the November election of President Barack Obama that helped wake up Congress. Or, perhaps the banks are short of lobby cash to pay off the reps and senators. Or, perhaps change is really happening.
Whatever is going on, the House of Representatives slapped the banks and bankers today when they voted on some major changes in the credit card rules. A few in the House agreed with the begging bankers that new rules for credit card holders will make economic times tougher. Maybe the new rules, if they pass Congress, will make bank further tighten the flow of credit to the American consumer. Maybe the American consumer has learned that we cannot rely on Wall Street or the Big Banks to finance our dreams.
Saving is up for Americans. Spending is down. Banks are threatening tighter restrictions for getting credit if the new credit card rules go into effect. And, most American consumers have already tightened their belts and are learning to practice pay as you go.
The House, firmly under Democratic control, voted to approve a bill that would shield consumers from hidden credit card fees and sudden interest-rate hikes. The Senate is expected to consider a similar bill next week.
House passage had been expected, but not the overwhelming 357-70 vote, which saw scores of Republicans cross over in support, handing the unpopular credit card business a rebuke.
While not everyone in the House agreed that the banks should stop screwing the American consumer, even some of the Repugnants crossed the line to side with the Great American Lobby…. you and me. Apparently, there is something of more value to those in Congress than bank lobby money. It is the American vote.
The bankruptcy cramdown for mortgages failed in the Senate, after passing the House. But, in my opinion, that was expected. However, that defeat does not minimize the statement made by the House on credit card practices. Of course, the Senate is expected to vote on the bill next week. If they let us down, we will be lying in wait until those who betray us are up for re-election.
Voters are not as forgetful as we once were, or as forgiving. President Obama has given the American people a voice. While we may not… and certainly will not… agree with all his policies or decisions, we do have his ear. And, unlike the Decider before him, President Obama listens before making decisions.
We can only continue to put pressure on the House and the Senate to let them know that we, too, are watching and listening… to every vote.
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