Consumer Law

Congress doesn?t care about consumers

By Sam Glover

Or if it does, it is doing a pretty good job of hiding it. Last Thursday the House Financial Services subcommittee was ready to hear testimony of, among notable others, actual consumers concerning the Credit Card Bill of Rights proposed by Representative Carolyn Maloney. Unfortunately, it seems the committee members’ hypocrisy goes only so far, and when it came to having a fair hearing, they all caved in to the credit card companies.

Republicans and Democrats agreed that the consumers could testify only if they agreed to let the credit card industry lay bare to the public the consumers’ entire financial history. “Fair is fair” said Representative Spencer Bachus.

Effectively muzzled, the consumers who made their way to Washington, D.C., went home without speaking, though one, Steven Autry, released his planned testimony after the fact.

The committee made no requirement that the credit card companies back up their own ridiculous claims with fact by exposing their own numbers, of course. That is apparently what committee members mean by “fair:” the credit card industry can hide its cards and say whatever outlandish things it wants. Consumers cannot even tell the truth without giving up their privacy.

Full post as published by Caveat Emptor on March 17, 2008 (boomark / email).