MSNBC "The Ed Show" -Transcript
Interview
MSNBC "The Ed Show" Interview With Rep. Carolyn Maloney (D-Ny) - Credit Card Legislation Interviewer: Ed Schultz
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MR. SCHULTZ: I'll tell you, if this credit card bill does not pass, I mean, I think there's going to be some serious backlash on this.
Joining me now is Congresswoman Carolyn Maloney, who was the champion of this in the House.
Congratulations. I hear it all the time, and you must too.
REP. MALONEY: Oh, we're absolutely thrilled. I've been working on this bill for years. The strong vote shows the difference of having a Democratic president who will sign it into law and a Democratic Congress. I am confident that the Senate will pass it, because, Ed, you can't walk two feet that you don't have a credit card story.
I can't go to the store, I can't get into an elevator, I can't even go to the floor of Congress, that people don't come up to me and say, "Let me tell you this outrageous abuse. I was paying on time. I never went over my limit. Yet they raised my interest rate retroactively on my balance and ran up my interest rate." It's so terribly unfair. And so we need to pass it, and we need to pass it now.
MR. SCHULTZ: Okay. Now, with that, all of you said, "Why are we waiting a year?" Was that a Republican thing, or what?
REP. MALONEY: Well, it came to a vote in the Financial Services Committee. The industry is saying they do not have enough time to put the changes in place. My bill --
MR. SCHULTZ: The companies don't?
REP. MALONEY: That's what they're saying. My bill said they would go into effect 30 days after the Fed came out with their rule, roughly 90 days after enactment. And then I had the bill in committee and I had the amendment again. It failed. And I came back with a fall-back amendment that at least they would have to give 45 days' notice of any rate increase going forward so that consumers can get out of that credit card and go to another one. That one passed. But hopefully the Senate can increase the time and have it --
MR. SCHULTZ: Do you think the bill goes far enough? Does it have enough teeth in it?
REP. MALONEY: Oh, I think the bill is incredibly strong. It attacks the most outrageous abuses.
MR. SCHULTZ: Why were they doing it? Were they trying to pay the money back that we bailed out these banks? Is that what it is?
REP. MALONEY: They're making huge profits. And it's terribly unfair. Most credit cards in the fine print say they can raise the rates any time, any reason. How unfair is that? So it stops the most outrageous abuses, gives protections to young people in college. It says you can't raise the rates on double-cycle billing on the balance that has already been paid. It stops the games and tricks of changing the due date, changing the terms.
MR. SCHULTZ: It's fair. I mean --
REP. MALONEY: It's fair. It's fair.
MR. SCHULTZ: -- they just absolutely got away from fairness.
REP. MALONEY: Absolutely.
MR. SCHULTZ: I mean, this is the ultimate gouge story in American history, I think.
REP. MALONEY: And the American taxpayers are speaking up. They're saying, "Enough is enough." They want this change. And everyone has a credit card. It's part of our economy. That's why I think it'll pass in the Senate, because they'll tell their senators, "You have to pass it."
MR. SCHULTZ: You think it'll pass in the Senate.
REP. MALONEY: I certainly hope so.
MR. SCHULTZ: If this doesn't pass in the Senate, there's going to be some real push-back on this.
REP. MALONEY: I agree, Ed.
MR. SCHULTZ: I mean, I think this is going to cost some people some seats. I mean, if the Congress can't listen to the people on this issue, what are they going to listen to them about? This affects everybody. You can't live without plastic.
REP. MALONEY: We had a strong bipartisan vote because Republicans and Democrats were listening to their constituents, and they were saying, "Enough is enough." And also the economy, many people are out of work and they're stressed in the economy. And the last thing they need is unfair interest rates --
MR. SCHULTZ: That's right.
REP. MALONEY: -- that gouge them even more.
MR. SCHULTZ: Congresswoman, great to have you on with us.
REP. MALONEY: Oh, great to have you, Ed. Great to see you.
MR. SCHULTZ: Thanks so much. I appreciate it.
REP. MALONEY: Thank you for speaking up for American citizens.
MR. SCHULTZ: Well, it's an issue we just can't pass up.
REP. MALONEY: Well, stay on the story.
MR. SCHULTZ: You bet.
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