Orrin Hatch: “let me talk about the Boxer amendment for a minute or two. The purpose of this amendment is to restrict credit…”

“let me talk about the Boxer amendment for a minute or two. The purpose of this amendment is to restrict credit availability for young adults. Others believe that using credit cards to build a history is a laudable objective for young adults. This amendment does not distinguish between legitimate uses by young adults from other uses. It applies to any person under 21, regardless of his or her financial independence or employment situation. Also, note that 18-year-olds can serve in the military, get married, vote, and in most States serve on juries, all without a cosigner. This bill does address the issue of credit card debt and younger adults. Title XII of the bill provides for a study regarding the impact of the extension of credit to individuals who are claimed as dependents for Federal income tax purposes and are in college. The same section provides other relevant credit card-related reforms that are the result of careful negotiation.”