What: All Issues : Aid to Less Advantaged People, at Home & Abroad : America's Poor : H.R. 2622. Credit Reporting/Vote to Prevent Credit Card Companies from Raising Interest Rates on Cardholders Who Pay Their Bills on Time. (2003 house Roll Call 667)
 Who: All Members : New York, District 2 : King, Pete
[POW!]
 
H.R. 2622. Credit Reporting/Vote to Prevent Credit Card Companies from Raising Interest Rates on Cardholders Who Pay Their Bills on Time.
house Roll Call 667     Nov 21, 2003
Member's Vote
(progressive
or not)
Progressive Position
Progressive Result
(win or loss)

In 1996, Congress adopted legislation known as the Fair Credit Reporting Act. That Act, among other things, imposed federal regulations on the credit reporting industry and mandated uniform credit reporting standards across states. Provisions in the 1996 Act-specifically those which mandated uniform credit reporting standards across states-were due to expire on January 1, 2004. The subject of this vote was a motion to suspend House rules and adopt a conference report on legislation to extend the 1996 law into the future (a conference report is the product of conference committee negotiations which are undertaken by House and Senate lawmakers after each legislative body completes action on its respective version of a piece of legislation). The suspension procedure, which is generally used to pass non-controversial measures, limits the time available for debate, bars amendments, and requires a two-thirds majority vote in favor of passage of the legislation. Conservatives, as well as a significant number of Democrats, voted to suspend House rules and adopt the conference report on the credit reporting bill because, in their view, the conference report would expand consumer access to credit, strengthen protections against credit card and identity theft, streamline credit reporting systems, and provide consumers with free access to their credit reports. Progressives voted against the motion to suspend House rules based on their concerns with the underlying conference report. Specifically, Progressives opposed provisions in the conference report which would allow credit card companies to increase the interest rates on individuals' credit cards if: 1) the cardholder makes a late payment on another credit card or a student loan; 2) the cardholder's credit score is lowered; 3) or the cardholder obtains a new mortgage or loan to pay for a house, car, or medical emergency. In the view of Progressives, credit activity which is not directly related to an individual's payments on his or her credit card should not be used by credit card companies-the big three being Chase Manhattan, Citigroup, and Bank One-to increase interest rates. Progressives, however, were outnumbered and, on a vote of 379-49, the motion to suspend House rules was adopted, the conference report was passed, and President Bush signed the measure into law on December 4, 2003.

Y N L
Issue Areas:
Key: Y=Yea, N=Nay, W=Win, L=Loss