Jack Reed: “The credit card companies make a great deal of money even on those individuals who pay their bills on time. They have…”

“The credit card companies make a great deal of money even on those individuals who pay their bills on time. They have membership fees, fees from merchants when the transaction is processed, and they have additional ways to acquire fees. I do not think it is a question of forcing an enterprise to give money away. What it is is a situation in which the credit card companies have come to us and said, ``There are all these irresponsible borrowers out there; we have to amend the bankruptcy laws so we are protected.'' Yet, when we point out they are punishing responsible borrowers, they rise up and say, ``That is an imposition on us.'' If we believe in responsible borrowing, we should support this amendment. I yield back my time.”