Madam Speaker, I rise in strong support of H.R. 3639, the Expedited Card Reform for Consumers Act.  I am proud to be a cosponsor of this measure, which would move the effective date of the remaining provisions of the Credit CARD Act of 2009 up to December 1st, 2009.  This law provides tough new protections for consumers by banning unfair rate increases, abusive fees and penalties, and strengthening enforcement.

So far this year, I have hosted three telephone town halls.  During every call, I have received numerous inquiries from constituents asking when Congress is going to put an end to outrageous interest rates, hidden fees, and other deceptive practices by credit card companies that have gone on for far too long. 

While credit card companies argued that they needed several months to implement certain provisions included in the Credit CARD Act, many of them have instead taken advantage of this lag time, and their customers, by raising minimum payment amounts and interest rates, decreasing limits, and closing accounts without proper notification.  The Pew Charitable Trusts’ Safe Credit Cards Project recently reported that every one of the 12 largest bank issuers that control ninety percent of credit card outstanding balances nationwide had at least one provision that is labeled “unfair or deceptive” by the Federal Reserve, and they would not meet the tough provisions of the Credit CARD Act.

The actions of these companies highlight the need for the consumer protections we passed into law to take effect as soon as possible.  I have heard from too many of my constituents that have experienced these deceptive practices to let this go on any longer.  A longstanding cardholder who makes payments on time each month and who is struggling in this economic downturn should not be subjected to a company’s attempts to rake in some last-minute revenue before they are forced to abide by the new laws. 

Madam Speaker, we must continue our work to put an end to the tricks and traps used by credit card companies to undermine a competitive market.  I encourage all my colleagues to vote for H.R. 3639.  I would also like to thank Congresswoman Maloney and Chairman Frank for their hard work on this issue and bringing this measure to the floor. 

Thank you, Madam Speaker.