Responses from Congress re: Credit Card Practices
So a few more have come in. Kudos to the interns for Elizabeth Dole for pasting a response vaguely relating what I wrote about. Unfortunately, her letter indicates she has absolutely no plans on changing the industry's actual practices. Ed Perlmutter didn't actually say anything. Dan Boren's response is the most amusing to date. So far, they haven't learned the art of customizing the pasted text to more appropriately address the issue at hand. These places should hire me to train the interns.
Thank you for contacting me about credit card regulation and consumer protection. I appreciate hearing from you on such an important issue because it enables me to better represent the beliefs and values of our district.
I, too, am very concerned about credit card fraud and consumer protection issues. The Financial Services Committee, which I am a member, has held numerous hearings on credit card fraud and protection. Several bills concerning fair disclosure ad fee regulation are currently under consideration by the committee. Please rest assured, I will keep your views in mind as these bills proceed through the process.
I encourage you to continue to contact me about the issues that are important to you. Please visit our website www.perlmutter.house.gov where you can sign up for my electronic newsletter and receive periodic updates on my activities on my activities as you Representative in Washington.
Sincerely,....
Thank you for taking the time to contact me regarding the regulation of the credit card industry. Receiving your ideas and concerns is so important in order for me to represent you, and our state, to the best of my ability in the U.S. Senate.
I agree with you that it is time to re-visit the laws and regulations surrounding the credit card industry. Credit cards have become a predominant form of payment over the years. While this phenomenon has had many positive effects on the American economy, such as making payments for efficient and credit more widely accessible, it has also brought its problems, particularly when consumers are not provided with the best information possible about the use of their cards. I have long been an advocate of providing consumers with clear and comprehensive information about products, and credit cards are no exception. I supported measures included in the recently enacted bankruptcy reform bill that afford consumers more information and protection, including one provision that allows people to find out how long it will take them to pay off their credit card by only making the minimum payment each month.
During a hearing held by the Senate Banking Committee, of which I am a member, I noted that although well-intentioned, current laws surrounding the credit card industry have created agreements that entail multiple pages of fine print full of legal jargon. As one solution to this problem, I am advocating for credit card companies to provide the basic information about their cards in a format similar to the nutrition information boxes found on the back of food products. This easy-to-read, standard format allows consumers to understand instantly the necessary information about the food they are purchasing. Likewise, credit card users should be able to easily comprehend the most important details of their contract with the confusing language and frustrating format of most agreements used today.
While I also believe that we must continue to require that credit card companies provide full disclosure regarding fees, interest rates, minimum payments, and privacy statements, the companies must start presenting this material in the most consumer-friendly way possible. This will benefit not only the consumers, but also the credit card companies. Card issuers will reduce loses due to defaults and decreases the amount of customer service needed to guide consumers through problems that could be avoided with more comprehensible applications and monthly statements.
Although I am glad that Congress has begun addressing the problems surrounding the credit card industry, I am well aware that more work needs to be done. I look forward to continuing to work with consumers, credit card companies, and my colleagues in Congress to find a reasonable and fair solution to these problems. I assure you that I will keep your thoughts in mind as I continue to work on these issues.
Thank you again for taking the time to share your ideas and concerns. If I can be of further assistance, please do not hesitate to contact me. With my warmest best wishes,....
Thank you for sharing your views about the Puerto Rico Democracy Act (H.R. 900). I always value hearing from my fellow Oklahomans and I appreciate the opportunity to respond on this important issue.
Following the conclusion of the Spanish-American War in 1898, Puerto Rico became a territory under the jurisdiction of the United States. Today, Puerto Rico exists as a commonwealth of the United States, where its citizens follow US federal law, serve in the US military, and hold U.S citizenship. Though this has been a successful and symbiotic relationship for both the United States and the citizens of Puerto Rico for many years, some are now advocating Puerto Ricans must decide on a new and more permanent status of association.
The Puerto Rico Democracy Act would require the citizens of Puerto Rico to select viable options for the future territorial status of the U.S.-Puerto Rico relationship by way of a popular vote or "plebiscite" by December 31, 2009. If such a vote were to occur, Puerto Ricans could choose between maintaining the status quo or pursuing a new "constitutionally viable permanent non-territorial status," which would either entail complete independence or full statehood. The
Puerto Rico Democracy Act is currently awaiting action by the full House of Representatives. Rest assured I will bear your views in mind should I have the opportunity to vote on this legislation.
Thank you again for contacting me with your views on this important issue. If I can ever be of assistance on this or any other matter please feel welcome to contact my office. Respectfully yours,....
Another page was included, not on letterhead or good paper but regular printer paper
On December 8, 2003, the Medicare Modernization Act, (MMA)was signed into law by President Bush and established a prescription drug benefit for Medicare beneficiaries under Part D, which began on January 1, 2006. While I was not in Congress when this law was enacted, I have had many concerns about this program, including the cost of prescription medications because, for many seniors living on a fixed income, the cost of medications is a substantial portion of their budget.
One of the many provisions of MMA forbids the Secretary of Health and Human Services from interfering with drug price negotiations between manufacturers and Medicare drug plan sponsors, and from instituting a formulary or price structure for the prescription drugs. House Leadership proposed changes that would give the Secretary the authority to negotiate prices through number of approaches in hopes of securing lower prices, a wider variety of choices, and lower program expenditures. H.R. 4, The Medicare Prescription Drug Price Negotiation Act of 2007, was brought to a vote on January 12, 2007. I voted in favor of this legislation because I want Oklahoma seniors to have access to their prescription drugs at the best possible prices and believe that price negotiations are a step in that direction for the Medicare program.
Rest assured that I will continually monitor these issues in the 110th Congress and will continue to fight to protect these programs from changes that would ave a detrimental effect on seniors. Thank you again for taking the time to express your thoughts on these important issues. If I can be of further assistance, please do not hesitate to contact me. Respectfully yours,.....
Thank you for contacting me about credit card regulation and consumer protection. I appreciate hearing from you on such an important issue because it enables me to better represent the beliefs and values of our district.
I, too, am very concerned about credit card fraud and consumer protection issues. The Financial Services Committee, which I am a member, has held numerous hearings on credit card fraud and protection. Several bills concerning fair disclosure ad fee regulation are currently under consideration by the committee. Please rest assured, I will keep your views in mind as these bills proceed through the process.
I encourage you to continue to contact me about the issues that are important to you. Please visit our website www.perlmutter.house.gov where you can sign up for my electronic newsletter and receive periodic updates on my activities on my activities as you Representative in Washington.
Sincerely,....
Thank you for taking the time to contact me regarding the regulation of the credit card industry. Receiving your ideas and concerns is so important in order for me to represent you, and our state, to the best of my ability in the U.S. Senate.
I agree with you that it is time to re-visit the laws and regulations surrounding the credit card industry. Credit cards have become a predominant form of payment over the years. While this phenomenon has had many positive effects on the American economy, such as making payments for efficient and credit more widely accessible, it has also brought its problems, particularly when consumers are not provided with the best information possible about the use of their cards. I have long been an advocate of providing consumers with clear and comprehensive information about products, and credit cards are no exception. I supported measures included in the recently enacted bankruptcy reform bill that afford consumers more information and protection, including one provision that allows people to find out how long it will take them to pay off their credit card by only making the minimum payment each month.
During a hearing held by the Senate Banking Committee, of which I am a member, I noted that although well-intentioned, current laws surrounding the credit card industry have created agreements that entail multiple pages of fine print full of legal jargon. As one solution to this problem, I am advocating for credit card companies to provide the basic information about their cards in a format similar to the nutrition information boxes found on the back of food products. This easy-to-read, standard format allows consumers to understand instantly the necessary information about the food they are purchasing. Likewise, credit card users should be able to easily comprehend the most important details of their contract with the confusing language and frustrating format of most agreements used today.
While I also believe that we must continue to require that credit card companies provide full disclosure regarding fees, interest rates, minimum payments, and privacy statements, the companies must start presenting this material in the most consumer-friendly way possible. This will benefit not only the consumers, but also the credit card companies. Card issuers will reduce loses due to defaults and decreases the amount of customer service needed to guide consumers through problems that could be avoided with more comprehensible applications and monthly statements.
Although I am glad that Congress has begun addressing the problems surrounding the credit card industry, I am well aware that more work needs to be done. I look forward to continuing to work with consumers, credit card companies, and my colleagues in Congress to find a reasonable and fair solution to these problems. I assure you that I will keep your thoughts in mind as I continue to work on these issues.
Thank you again for taking the time to share your ideas and concerns. If I can be of further assistance, please do not hesitate to contact me. With my warmest best wishes,....
Thank you for sharing your views about the Puerto Rico Democracy Act (H.R. 900). I always value hearing from my fellow Oklahomans and I appreciate the opportunity to respond on this important issue.
Following the conclusion of the Spanish-American War in 1898, Puerto Rico became a territory under the jurisdiction of the United States. Today, Puerto Rico exists as a commonwealth of the United States, where its citizens follow US federal law, serve in the US military, and hold U.S citizenship. Though this has been a successful and symbiotic relationship for both the United States and the citizens of Puerto Rico for many years, some are now advocating Puerto Ricans must decide on a new and more permanent status of association.
The Puerto Rico Democracy Act would require the citizens of Puerto Rico to select viable options for the future territorial status of the U.S.-Puerto Rico relationship by way of a popular vote or "plebiscite" by December 31, 2009. If such a vote were to occur, Puerto Ricans could choose between maintaining the status quo or pursuing a new "constitutionally viable permanent non-territorial status," which would either entail complete independence or full statehood. The
Puerto Rico Democracy Act is currently awaiting action by the full House of Representatives. Rest assured I will bear your views in mind should I have the opportunity to vote on this legislation.
Thank you again for contacting me with your views on this important issue. If I can ever be of assistance on this or any other matter please feel welcome to contact my office. Respectfully yours,....
Another page was included, not on letterhead or good paper but regular printer paper
On December 8, 2003, the Medicare Modernization Act, (MMA)was signed into law by President Bush and established a prescription drug benefit for Medicare beneficiaries under Part D, which began on January 1, 2006. While I was not in Congress when this law was enacted, I have had many concerns about this program, including the cost of prescription medications because, for many seniors living on a fixed income, the cost of medications is a substantial portion of their budget.
One of the many provisions of MMA forbids the Secretary of Health and Human Services from interfering with drug price negotiations between manufacturers and Medicare drug plan sponsors, and from instituting a formulary or price structure for the prescription drugs. House Leadership proposed changes that would give the Secretary the authority to negotiate prices through number of approaches in hopes of securing lower prices, a wider variety of choices, and lower program expenditures. H.R. 4, The Medicare Prescription Drug Price Negotiation Act of 2007, was brought to a vote on January 12, 2007. I voted in favor of this legislation because I want Oklahoma seniors to have access to their prescription drugs at the best possible prices and believe that price negotiations are a step in that direction for the Medicare program.
Rest assured that I will continually monitor these issues in the 110th Congress and will continue to fight to protect these programs from changes that would ave a detrimental effect on seniors. Thank you again for taking the time to express your thoughts on these important issues. If I can be of further assistance, please do not hesitate to contact me. Respectfully yours,.....