House Proceeding 04-30-09 on Apr 30th, 2009 :: 1:34:10 to 1:36:20
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1:34:06 to 1:34:27( Edit History Discussion )

Luis V. Gutierrez: this amendment should be black flag dead. the chair: the gentlelady's time has expired. the gentleman from illinois. mr. gutierrez: i yield myself such time as i may consume. recognized for a minute and a half. mr. gutierrez: first of all,et me suggest to the gentleman from texas, mr. hensarling, that this credit card companies once its

1:34:10 to 1:36:20( Edit History Discussion )
Speech By: Luis V. Gutierrez

1:34:28 to 1:34:48( Edit History Discussion )

Luis V. Gutierrez: passed to extend lines of credit at lower interest rates to those who have it's just not going to do it. they'll still be able to do that. and when he suggests to us this is a choice, this is an option, there are some options and some choices we should stand up against. and one of those choices and one

1:34:49 to 1:35:09( Edit History Discussion )

Luis V. Gutierrez: of those options, because it's going to affect those that cannot read, i'm sure the gentleman would never suggest that consumers understand every point of the fine print on that credit card. it's going to be hidden there. the federal reserve board has said to us, it's bad practice. it's predatory. it's not fair to simply give

1:35:10 to 1:35:31( Edit History Discussion )

Luis V. Gutierrez: notice. lastly, look, all we are saying is, yes, we are stopping credit card companies and we are stopping consumers from having the choice. we like to suggest the harm of ing a credit card company to be able to give you 90 days' notice. you know that $1,000 you took last year at 18%?

1:35:32 to 1:35:52( Edit History Discussion )

Luis V. Gutierrez: they can say for the whole last year that you have paid it, we are going to retroactively and double that interest rate and we want the money although you mad all theayments all year long on time, we are going to double the interest rate. give me more money. that's what's fundamentally unfair to retroactively go back

1:35:53 to 1:36:17( Edit History Discussion )

Luis V. Gutierrez: and claim money just because you can. because you sent somebody a 90-day notice. it i urge everyone to vote against this amendment. the chair: the question is on the amendment offered by the gentleman from texas. so many as are in favor say aye. those opposed, no. in the opinion of the chair, the noes have it. the amendment is not agreed to.

1:36:18 to 1:36:21( Edit History Discussion )

Luis V. Gutierrez: . it is now in order to consider amendment number 11, printed in