Credit Card Law Enacted Today
Updated at 5:41 p.m.
With little fanfare from Dems, the Credit CARD Act goes into effect today, 8 months after it passed Congress by wide margins. But despite a renewed commitment to better communicate their party's accomplishments from last year, Dems haven't had much to say about it.
"The successes of this year are going to ring true," DSCC chair Bob Menendez told National Journal in late Dec. Later in that same interview, Menendez counted the credit card legislation as one of his party's achievements. The DSCC has yet to announce any activity to promote the law going into effect today.
Pres. Obama, busy rolling out his health care proposal and meeting with the nation's govs, is not scheduled to take part in any events today highlighting the credit card bill and the WH did not respond to a request for comment about it. Via the WH press office, Obama did issue a statement on the matter this morning: "The new rules are an unprecedented step in my administration's ongoing efforts to strengthen consumer protections and enact meaningful financial reform."
Consumer advocates, however, are paying closer attention. The U.S. Public Interest Research Group lauded the bill as an important step forward, while emphasizing that the proposed Consumer Financial Protection Agency is what's really needed to safeguard consumers.
"It's very simple," said Ed Mierzwinski, PIRG's consumer program director, in a press conference late last week. "The historic new law stops the worst current credit card tricks, but without a new sheriff to enforce it, banks will invent new tricks."
Still, if PIRG, with its close ties to Ralph Nader, is the only one making the Dem case on one of the party's biggest accomplishments from last year, it's not likely a message that will get out to voters.
Update: DSCC Chairman Menendez, in conjunction with Rep. Carolyn Maloney, D-NY, and consumer interest groups, held a news conference in New York today to highlight the enactment of the credit CARD act. Senate Majority Leader Harry Reid (D-NV) and Sens. Blanche Lincoln (D-AK) and Chris Dodd (D-CT) sent out press releases lauding the achievement.
I like this new law, I mean a lot. I get my billing statement like a month before the credit card payment is due. Nice work Obama administration :)
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