Political Quotes

“I am very pleased to be joined on the floor of the Senate by Senator Warren to introduce legislation we have been working on since 2008. Astute observers of this body will recognize that was before Senator Warren was even Senator Warren. She has been, for years, a renowned expert in consumer law and a leading advocate of reforms to protect families from predatory lending. It has been a pleasure working with her on this bill, and I am delighted to be working with her as Senate colleagues now. A little history. During President Obama's first 2 years in office and before the Republicans took control of the House in 2011, Democrats passed two significant landmark bills to protect ordinary consumers from credit card company abuses. The Credit CARD Act of 2009 outlawed some of the worst tricks and traps that lenders used to squeeze money out of their customers. After that law, big banks can no longer hike interest rates on preexisting balances just because they feel like it, and they can no longer declare that the day ends at lunchtime in order to impose late fees on payments that arrive in the afternoon. As absurd as it sounds, credit card companies routinely engage in those sort of shenanigans, but the Credit CARD Act of 2009 put an end to a lot of it. A second bill, the Dodd-Frank Wall Street Reform Act, established the Consumer Financial Protection Bureau, an essential agency first proposed by Senator Warren when she was a law professor.…”