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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. 


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.

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