The House today has been debating H.R. 627, the Credit Cardholders' Bill of Rights Act (sponsored by Rep. Carolyn Maloney), a sweeping reform of lending and credit card practices aimed at protecting the consumer and overhauling the Truth in Lending Act. In September of last year, the bill passed 312-112 in the House but subsequently died in the Senate. President Obama has endorsed the bill and Democrats seem hopeful that it will go all the way. Here's a summary of the debate until now:
11:39 AM: House agreed to H. Res. 379, the resolution governing debate for the bill, 249 - 175.
The rest below the fold...
11:51 AM: Gutierrez Amendment agreed to by voice vote.
12:01 PM: Frank Amendment agreed to by voice vote.
12:13 PM: Recorded vote requested on Slaughter Amendment and postponed. Jeb Hensarling led the opposition to this amendment re: lending to college students.
12:23 PM: second Gutierrez Amendment agreed to by voice vote.
12:27 PM: Pingree Amendment (requires Fed to report every 90 days on the implementation of the bill) agreed to by voice vote.
12:32 PM: Polis Amendment (clarifies that minors are allowed to have a credit card in their name on their parent or legal guardian's account) agreed to by voice vote.
12:42 PM: Jones Amendment (requires Fed to establish regulations allowing estate administrators to resolve outstanding credit balances in timely manner) agreed to by voice vote.
12:51 PM: Recorded vote requested on Maloney Amendment and postponed.
1:03 PM: Hensarling Amendment (allows issuers to raise rates if they notify consumers 90 days ahead) failed by voice vote.
1:15 PM: second Hensarling Amendment (allows creditors to use retroactive rate increases, universal default, and double cycle billing as long as they offer at least one card option that does not have those billing features) failed by voice vote.
1:18 PM: Minnick Amendment agreed to by voice vote.
1:22 PM: Price of NC Amendment agreed to by voice vote.
1:30 PM: third Gutierrez Amendment (companies must notify 30 days before closing account and give reasons for doing so) agreed to by voice vote.
1:40 PM: Perriello Amendment (promotional rates must last at least 6 months) agreed to by voice vote.
1:50 PM: Schauer Amendment (credit card issuers must create websites that have credit card agreeements posted) agreed to by voice vote.
2:03 PM: Teague Amendment (stops card issuers from reporting credit ratings of servicemembers) agreed to by voice vote.
2:11 PM: Schock Amendment (cardholders who haven't activated an issued card within 45 days can cancel the card) agreed to by voice vote.
2:38 PM: Slaughter Amendment (issuers must get proof of income and credit history from college students before approving credit) agreed to 276 - 154.
2:48 PM: Maloney Amendment agreed to 284 - 149.
So of the 17 amendments in order for debate, 15 were agreed to, and both by Jeb Hensarling were rejected. All day, Hensarling has led the "stop hating on the credit card companies" side.
Now we're on Peter Roskam's motion to recommit with instructions (for the non-C-SPAN geeks among you, that means to modify or kill the bill and is a common ploy by the minority party as a last ditch effort to poison the well before passage). Luis Gutierrez just gave a YouTube-worthy passionate speech against the motion to recommit, and Maloney is tying it all up. Now voting on the motion to recommit!
3:21 PM: Motion to recommit fails 164 - 263.
Now the five-minute passage vote! Amazingly, Republicans are breaking mostly in favor along with all Democrats except one (possibly Stephanie Herseth Sandlin, the only Dem to vote no in 2008?).
3:34 PM: It passes 357 - 70 in a strong bipartisan vote! Democrats were 252-1 in favor and Republicans 105-69 in favor. Hopefully this deprives the Senate of a reason to severely water this bill down and encourages the Senate leadership to instead move this promptly and effectively.