A NY Times editorial supports Connecticut Senator Dodd's proposal to protect Americans from predatory credit card contracts.
The Dodd Bill solves two problems. Credit card law and federal regulations have changed in 10 years to support Wall Street at consumer's expense, and back-lash has been building over the last 5 years. Senator Dodd's bill would help fix the consumer problem. Second, Washington appears to be the problem, but passing bills like this rescues the bad image that Congress has earned. Senator Dodd's bill helps to fix Senator Dodd's image from bad-guy to good-guy.
The bill has just achieved banking committee approval and won't gain force for at least more 5 steps, but each step is a publicity opportunity. Similar consumer protections are already on their way from the non-legislative executive branch, the Federal Reserve Board, but those have only been announced as regulations to take effect in July 2010.
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