Jack Reed: “I think, to be very scrupulous about jurisdictional responsibilities here, we missed the opportunity to do something…”

“I think, to be very scrupulous about jurisdictional responsibilities here, we missed the opportunity to do something which most of our colleagues, I hope, would recognize is an appropriate thing to do--preventing the termination of credit to people who simply pay their bills on time. The second aspect of this debate, which I think is appropriate to have in this bill, is that the driving force for this legislation comes very powerfully from the credit card industry. They are concerned that many individual consumers seek bankruptcy because of their huge credit card debts, and they feel that they are currently disadvantaged with the present system. So, again, I don't think it is inappropriate as we look at this bankruptcy system and, in many respects, test the credit card industry and look at some of their practices. This practice is particularly disturbing--again, that somebody's credit would be terminated simply because they paid on time.”