Byron Dorgan: “earlier today I voted to table an amendment that had been offered by Senator Feinstein regarding credit cards for young…”

“earlier today I voted to table an amendment that had been offered by Senator Feinstein regarding credit cards for young adults. This amendment would have required a $2,500 cap on credit card limits to anyone under the age of 21 unless they have a signature from their parent or can provide financial documents that establish their independent means of repaying their bills. I opposed this amendment because I am concerned that the age limit is arbitrary and could be unfair to many hard working Americans. I understand the concern that has been raised by many regarding credit card companies that blanket college campuses with brochures and solicitations. I agree that credit card companies have some responsibility in limiting credit to those who have no income. But I believe that the amendment that was offered today was not a good way to solve that problem. There are many people who are still in school at age 21. But there are many more who are holding down full time jobs, working to start a family, and deserve to have financial tools available to them, including credit cards without artificial credit limits. A 19-year-old North Dakotan can vote, serve in the military, and is considered an adult under state and federal laws. This amendment would create new hoops for that young person to access a credit card with a limit over $2,500. This is not a fair approach and is not an appropriate solution to the problem that the amendment's supporters are trying to solve.…”