Mr. Speaker, during these difficult economic times, Americans are looking for any way that they can to try to make ends meet. They are taking on second jobs; they are looking through their cupboards, trying to see if there is anything they can sell. Just about any opportunity they can to make a few dollars people are looking for. That is why there has been a great deal of attention paid recently to companies that are advertising very heavily that if you give us your gold and jewelry, we will give you cash for those products. The problem is that when you put the gold and the jewelry in the envelope and send it to some of these companies, they are finding that consumers are not being treated very well. The Consumers Union and their publication Consumer Reports did a good expose on this, turning out the problems people face. Sometimes they are getting pennies on the dollar for what comes back, but even more difficult are the cases where people don't even agree to the transaction; or finding that since they didn't act fast enough, their gold or jewelry had been melted down, sold off for pennies on the dollar, and they were left with very little recourse.
Editor's note · Context
The speaker addresses consumer issues related to gold and jewelry buyback companies during economic hardship.
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