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Washington D.C.- Congressman Jeb Hensarling (R-TX), a member of the House Financial Services Committee, today issued the following statement as the Committee considered H.R. 5244, the Credit Cardholders’ Bill of Rights Act of 2008:
“When this committee considers additional regulation on the credit market, our reaction should be, ‘first do no harm.’ Unfortunately, this Democrat remedy for the perceived problem would punish consumers and make it harder for hardworking, middle-income Americans to use a credit card to start a new business, pay for a medical emergency, or to survive a financial rough patch.
“As usual, the Democrats’ effort to ‘help’ Americans will actually hurt them by making credit more expensive. This is a bad bill for all Americans who currently have or will one day have a credit card. Congress should not be interfering with the ability of responsible Americans to own a credit card, and certainly should not be making it more expensive for them – and that is exactly what this bill does.
“This bill turns back the clock to an era where there was little competition and 1/3 fewer Americans had access to credit cards – those that did paid the same universal high rate regardless of whether they paid their bills on time and regardless of their creditworthiness. The market responds to consumer wants and needs, and is already doing so in this case. Full, simple and transparent disclosure of credit card practices will go a long way to ensuring that consumers can protect themselves.
“This misguided bill represents yet another assault on personal economic freedom, and will exacerbate the credit crunch that threatens our economy. Once again, Democrats in Washington think they know how to control your budget and spending better than you do.”
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