Credit Card Usury Bill Up Again in HouseThis Week PLEASE CALL!

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Credit Card Usury bill up again in House this week

WASHINGTON (Reuters) - Several congressional Democrats said on Wednesday they plan to introduce legislation next week to cap credit card interest rates. (It's now this week!)

With unemployment and Wall Street bonuses incongruously rising together, the chairman of the House Rules Committee said she will offer a bill to cap rates at 16 percent, a proposal that could catch a wave of Populist sentiment in the House.

"Things were a lot better for the average person in this country when we had usury caps," Representative Louise Slaughter, head of the rules panel, said in a statement.

"Watching how credit card companies have exploited people by increasing rates up to 30 percent and more is criminal and this bill will allow us to put an end to this," she said. Little support for usury caps has been detected so far by policy analysts, but the mood in Congress may be turning more Populist ahead of the 2010 mid-term elections.

The proposal will come in a week when the House Financial Services Committee is slated to complete its work on tightening bank and capital market regulation. The full U.S. House of Representatives is expected to vote in mid-December on broad financial reforms.


The push for reform follows last year's severe financial crisis, which left the economy reeling, although the U.S. stock market and major banks, bailed out by taxpayers, are recovering.


The bill will be co-sponsored by Representatives John Tierney and Michael Capuano, said Slaughter. Tierney and Capuano are Massachusetts Democrats. Slaughter's New York congressional district includes Rochester, Buffalo and Niagara Falls. http://www.washingtonpost.com/wp-dyn/content/article/2009/11/25/AR2009112503628.html

Please Call Rep. Louise Slaughter at 1-202-225-3615 and tell her you support this bill & want it made retroactive.

Remember Banks have gotten interest free loans from taxpayer dollars, it's time they played fair with the consumer.

You may also call your representatives & ask them to support it. You can find their phone numbers here, just look to the left of the page, it will help you locate them http://www.visi.com/juan/congress/newmemberbio/NY28.html

Thank You & please pass this on to your friends & keep this kicked.

Lets see if the Democrats can get this through this time.