Senate Proceeding on May 7th, 2009 :: 0:29:40 to 0:35:35
Total video length: 3 hours 15 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:100 Duration: 0:05:55 Discussion

Previous speech:

Next speech:

0:29:40 to 0:30:00( Edit History Discussion )

Jon Tester: quorum mr. tester: mad the presiding officer: the senator from mr. tester: i ask that the quorum call be vitiated. the presiding officer: without objection. mr. tester: madam president, i rise to speak this morning about a plan to protect american consumers. specifically, i call on the senate to pass tough new reforms on the credit card industry. i've been working for months

0:29:40 to 0:35:35( Edit History Discussion )
Speech By: Jon Tester

0:30:01 to 0:30:23( Edit History Discussion )

Jon Tester: with my colleagues on the senate banking committee to write this important new legislation. i'm proud to have played a part in chairman dodd's bill, the credit card act. this bill includes legislation that i introduced last year to outlaw what is called universal default. that's the term given when the credit card companies raise

0:30:24 to 0:30:45( Edit History Discussion )

Jon Tester: interest rates on customers if their credit scores fall for any reason. even if those customers pay their credit card bills on they may call that universal default, but where i come from in montana, they call that a ripoff. this reform legislation puts common sense and honesty back into the credit card industry.

0:30:46 to 0:31:07( Edit History Discussion )

Jon Tester: it will establish a new set of standards at a timehen hard- working, hon oft folksre getting economy. simplyut, montanans are not happy with the credit card companies. all of uare getting fed up with hidden rates and confusing sma print. every day i get calls and

0:31:08 to 0:31:31( Edit History Discussion )

Jon Tester: letters and e-mails from folks back home who want the senate to take action to rein in these predatory practices of the credit card industry. i have here in my hand a few of those examples. the first one is from a man in belgrade, montana, and he writes

0:31:32 to 0:31:52( Edit History Discussion )

Jon Tester: bilked us. they took the bailout money and had no qualms more irresponsible actions to loot the american taxpayers again. i will use myself, a small business owner, so small that you might call us a nano business, as an example. four or five months ago we mitt a bump in the rod and got behind

0:31:53 to 0:32:13( Edit History Discussion )

Jon Tester: with our credit card company. knowing that this is going to be a temporary situation pending the closing of a satisfactorily some property that we owned, stayed in at least weekly contact with our credit card company to and assured that we had every intention of meeting our obligation, which we did.

0:32:14 to 0:32:34( Edit History Discussion )

Jon Tester: what happened next is almost unbelievable. my interest rate was increased to over 27%. i was charged various fees for being late that amounted to over $1,100. what really made me feel ripped off is that i had been a card holder with that company for the

0:32:35 to 0:32:56( Edit History Discussion )

Jon Tester: last 26 years. close quote. madam president, i'm all about personal responsibility. folks need to make good decisions on their purchase obligations, but plastic personal debt can be very dangerous and addictive. ordinary aricans can get in over their heads very quickly, and that's why the senate needs to pass commonsense legislation

0:32:57 to 0:33:18( Edit History Discussion )

Jon Tester: to protect consumers from abuse. another lady wrote me from glacier county, montana and said this, "i hope you'll be willing to stand up to the banks when it comes to credit card regulation and oversight that the consumers need. in our home, we just saw interest rates on many of our credit cards jump for no reason. how are

0:33:19 to 0:33:40( Edit History Discussion )

Jon Tester: participating in an recovery when our cash is being siphoned off for these unfair charges? you have a chance to do something about it." she went on to say, "i hope that you will." i, too, hope that we will. i hope that the senate will pass a credit card act. this bill will ban universal default, the jack up of interest

0:33:41 to 0:34:03( Edit History Discussion )

Jon Tester: rates even when the account in question is in good standing. it will protect consumers who pay their bill on time by outlawing interest charges on debt paid on time. it gives the consumers another week to pay their monthly bills, and it limits fees and penalties. it ensures that card holders will know the small print and it protects young americans who are

0:34:04 to 0:34:25( Edit History Discussion )

Jon Tester: often most vulnerable from predatory practices by the credit card companies. i voted against the wall street bailout because handing bags of money to big wall street bankers and hoping the money would trickle down to main street small businesses and working families made no sense to me. now we see some of the recipients of taxpayer bailouts jacking aroun

0:34:26 to 0:34:46( Edit History Discussion )

Jon Tester: working folks who make this country run and who are having a hard time in this economy brought on by mismanagement here and by crooked deals on wall street. madam president, it is important to note that not everyone in the banking industry is guilty of gross exploitation of the american consumer. street and the credit card

0:34:47 to 0:35:07( Edit History Discussion )

Jon Tester: companies need to be reined and the rights of the regular public need to be protected. i am pleased that president obama had the credit card executives down to the white house the other day to encourage them to treat the consumers fairly. i call o t senate to step up to the plate and deliver meaningful legislation that will put in place commonsense

0:35:08 to 0:35:23( Edit History Discussion )

Jon Tester: consumer protection. thank you, madam president. i yield the floor and note the the presiding officer: the clerk