Dianne Feinstein: “I offer this amendment cosponsored by Senator Jeffords and Senator Durbin. The amendment would put a $2,500 cap on any…”

“I offer this amendment cosponsored by Senator Jeffords and Senator Durbin. The amendment would put a $2,500 cap on any credit card issued to a minor--that is, an individual under 21--unless the minor submits an application with the signature of his parent or guardian indicating joint liability for debt or the minor submits financial information indicating an independent means or an ability to repay the debt that the card accrues. The amendment would give parents who cosign for liability on their child's credit card the opportunity to have some say in the credit limit on the card. Why is this amendment needed? Supporters of bankruptcy reform have justified this bill on the basis of personal responsibility. I agree with that basic presumption. Responsible debtors should pay back the debts they can afford to repay. The bill, however, must be balanced. If Congress really intends to tackle the surging tide of bankruptcy cases, our laws must enforce responsibility on the part of creditors as well. One area where I think creditors must show more responsibility is the marketing of credit cards to minors.”