Dianne Feinstein: “the amendment on the bankruptcy bill that I have proposed is a very straightforward amendment. It simply says credit…”

“the amendment on the bankruptcy bill that I have proposed is a very straightforward amendment. It simply says credit card companies that issue credit cards to minors must limit that debt to $2,500 a credit card, unless the minor demonstrates the means to pay back the debt, or a parent cosigns for the debt. In addition, the amendment would entitle parents who cosign on their child's credit card the opportunity to be consulted before the debt limit on the card is increased. The amendment is basically a compromise. I amended the amendment to place a cap of $2,500 a card rather than $2,500 on all cards a minor might have. The reason for the amendment is a simple one. Student credit card debt has increased 46 percent over the last 2 years alone. Bankruptcy filings among youth have increased sevenfold since 1996. The problem is, there is no limit on the credit card debt a youngster can accumulate. This amendment would end that problem, give parents the responsibility of choosing to cosign for their youngster if they want more than a $2,500 cap, unless the youngster could demonstrate that they had the source of income to support the debt. So essentially what this amendment does is provide a credit card limit of debt of $2,500 a card for a youngster who is under the age of 21. I thank the Chair and yield the floor. The PRESIDING OFFICER. Who yields time in opposition? If no one yields time, time will be charged equally to each side.…”