Political Quotes

“I believe that most people, including most of my colleagues, will understand the purpose and intent behind this amendment. It attempts to inject a sense of responsibility not only among those who have received credit, which this legislation purports to accomplish, but it also asks those who are extending credit to assume some responsibility as well. That is truly what the underlying legislation fails to accomplish. In my view, the underlying legislation fails to recognize that while creditors will gain much from this legislation, while young people in our country, those under the age of 21, remain unprotected from the barrage of unsolicited credit card applications. I am not exaggerating when I tell you that the mere signature of a student and the presentation of an identification card, indicating they are a student at that institution, is all they need to sign up for $3,000, $5,000, $20,000 worth of credit. This amendment merely attempts to inject some responsibility into a process that is out of control in this country. I will show you in a moment the statistics which bear this claim out. This is not a small problem. It is a growing problem. We must demand that the credit card industry bear some responsibility before they go on college campuses and accept applications from these young people, enticing them with the offer of a free baseball cap, or a free T-shirt without anything more than a signature and an ID.…”