« The Bailout -- another perspective (part 1) | Main | Mortgage Modification in Bankruptcy: Redux »

A Ray of Sunshine

posted by Elizabeth Warren

I know things are moving fast and furious on the bailout, but the House did a significant bit of business today that deserves note.  By a vote of 312 to 112, Congresswoman Maloney's credit card bill has passed the House of Representatives.  The credit card issuers had said No Way No How on this bill for a year, and lobbyists had pounded on every member of the House.  Hours ago, a bi-partisan group said the new rules should become law. 

The bill won't become law this year--no time to get it through the Senate and little chance that the White House would sign off--but it is a significant event nonetheless.  For a moment today the lobbyists weren't in control. 

So take a deep breath and savor the moment. The consumer groups, ably led by the Consumer Federation of America, showed strong support and engaged in some clever maneuvers of their own.  I'm still deeply worried about the American family and about the economy. The $700 billion bailout on the table is keeping me awake at night, but this little ray of sunshine tells me it isn't time to give up hope quite yet. 

Comments

While the vote was mostly along party lines, it was only barely mostly. There were a substantial number of born-again Republican regulators: 84 Republicans voted for the measure.
This on a day when George Bush addressed the U.N., only to be lectured by other world leaders that maybe, just maybe, free markets are not always rational and need at least a little teeny bit of oversight, once in a while. Evidence: An ounce of prevention vs. a $700 billion cure.

The comments to this entry are closed.

Regulars

Occasionals

Current Guests

Follow Us On Twitter

Like Us on Facebook

  • Like Us on Facebook

    By "Liking" us on Facebook, you will receive excerpts of our posts in your Facebook news feed. (If you change your mind, you can undo it later.) Note that this is different than "Liking" our Facebook page, although a "Like" in either place will get you Credit Slips post on your Facebook news feed.

News Feed

Categories

Bankr-L

  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, visit http://listserv.uiuc.edu/archives/bankr-l.html and click on the link for "Join or leave the list." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

OTHER STUFF

Powered by TypePad