Wanker of the Day: Senator Tim Johnson

11 Comments

1. 

   Phil Perspective on May 19, 2009 at 1:38 pm

   And you know that Johnson has no spine in this kind of matter .. when he wasn’t even joined by the two Senators from Delware

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     BooMan on May 19, 2009 at 1:49 pm

     Even Ben Nelson voted for it.

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       Phil Perspective on May 19, 2009 at 3:11 pm

       Which makes Johnson’s actions even suckier.  And you forget Evan Bayh!!

2. 

   BooMan on May 19, 2009 at 1:55 pm

   “This is landmark legislation that is going to make the credit card marketplace more transparent and more fair for millions of consumers,” said Travis B. Plunkett, legislative director for the Consumer Federation of American. “In particular, it’s going to prevent credit card companies from suddenly and unjustly increasing interest rates which is pushing many consumers with credit card debt into bankruptcy.”

   link

3. 

   dada on May 19, 2009 at 1:57 pm

   given the vote tally, l think it’s safe to assume this version was thoroughly vetted by the cc lobbyists and deemed acceptable. maybe tim didn’t get the memo.

   either way, it was a throw away vote for him…proving his continuing servility to his masters.

   • 

     BooMan on May 19, 2009 at 1:59 pm

     Stronger consumer protections
     The Senate bill provides more consumer protections than a version of credit card reforms passed April 30 by the U.S. House of Representatives. The Senate bill rewards cardholders for good behavior by decreasing their APRs if they’ve paid their bills on time for six months if their interest rate was raised for a previous late or missed payment. Retroactive interest rate increases are banned except when the cardholder is more than 60 days late paying a credit card bill. The credit card issuer must review the cardholders’ account six months after increasing the interest rate and, if the review warrants it, return the APR to the previous, lower level. The Senate bill also allows fines up to $5,000 for individuals affiliated with a card issuer who violate the act.

     What the new credit card law means for you
     The House bill — the Credit Cardholders’ Bill of Rights — sailed through in a 357-70 bipartisan vote. It allows retroactive interest rate hikes if an account holder is more than 30 days late paying a bill. Both bills also allow interest rate hikes when promotional or “teaser” rates expire, when the account has a variable interest rate and when the card user reneges on terms of a workout plan for debt repayment. Both bills also prohibit interest rate hikes during the first year of a new account.

     Other provisions of the Senate bill include:

     45 days’ advance notice of significant changes in credit card terms.
     Banning universal default and double-cycle billing.
     Prohibiting over-limit fees unless consumers agree to allow transactions that exceed their credit limits to go through rather than be denied.
     Fees for late payments, over-limit charges or other penalty fees must be reasonable and related to the violation.
     Extending the life of gift cards and gift certificates so that they cannot expire within five years of activation. Banning dormancy or inactivity fees on gift cards unless there has been no activity in a 12-month period.
     Banning credit cards for people under the age of 21 unless they have adult co-signers or show proof that they have the means to repay the debts. College students must get permission from parents or guardians to increase credit limits on joint accounts they hold with those adults.
     Requiring that card issuers disclose how long it would take to pay off credit card balances if cardholders make only minimum payments each month and how much users would have to pay each month if they want to pay off their balances in 12, 24 or 36 months.

     link

     • 

       dada on May 19, 2009 at 2:21 pm

       it’s a start, but with the cramdown and usury amendments stripped out, it is, as you say, pretty weak tea. one small step in the right direction.

       • 

         BooMan on May 19, 2009 at 2:36 pm

         I fucked that up.  The cramdown was in a different bill.

4. 

   DaveW on May 19, 2009 at 2:12 pm

   I wonder if Johnson will benefit more from the credco bribes contributions than he would have from the GOTV activists who helped him win last time. Put this seat in the “tossup” column.

5. 

   The Voice In The Wilderness on May 19, 2009 at 4:09 pm

   While I applaud Bernie Sanders’ effort to put a limit on interest, I think 15% was too low. Eighteen percent is more traditional and might have passed. Certainly 30%, that some charge, is too high.

   Getting some limit would have established the principle and later legislation could have lowered the limit, perhaps tied it to the treasury rate.

6. 

   conglomerNation on May 20, 2009 at 8:40 am

   It was a safe vote for him (and it pleased his CitiBank overlords). He knew it would pass, so it was safe to vote Nay. He and Herseth-Sandlin do this ALL the freakin’ time here in SoDak. It’s disgusting. Plus, who’s going to challenge him? Rounds? I doubt it.