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Hoyer Announces Aggressive Floor Agenda Leading Up to August Recess
Wednesday, April 22, 2009
9:00 PM

House Majority Leader Steny Hoyer (D-MD) today announced an aggressive floor agenda leading up to the August recess that is based largely on President Obama's top policy goals still awaiting congressional action -- financial sector regulation, clean energy, and health care reform.

Next week, the House is expected to consider the Credit Cardholders’ Bill of Rights (H.R. 627), which was approved by the Financial Services Committee earlier today. The bill would require a 45-day advance notice of credit card account rate increases, and prohibit finance charges based on balances for days in billing cycles preceding the most recent billing cycle -- a.k.a. double cycle billing -- with certain exceptions. The legislation would also allow cardholders to set limits on their credit cards, among other provisions. A summary of the Credit Cardholders' Bill of Rights can be viewed here.

The Financial Services Committee adopted two amendments prior to final approval of H.R. 627, including language changing the start date that credit card companies must provide creditors with at least 45-days notice of an interest rate hike. As amended, this requirement will begin 90 days after the legislation's enactment.

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The second amendment requires the Federal Reserve, in consultation with other federal banking agencies and the Federal Trade Commission, to report to the Financial Services Committee and the Senate Banking Committee the extent to which creditors have reduced credit card limits or raised interest rates for individual consumers over the previous three years for reasons relating to "general characteristics" of their credit transactions (e.g., where cardholders shop). The report is due six months after enactment of the bill.

"This bill provides needed protection for consumers from unfair and arbitrary practices employed by credit card companies," Hoyer said today. "I hope that we will complete work quickly so that President Obama can sign it into law."

Also on tap for House floor action is the Mortgage Reform and Anti-Predatory Lending Act (H.R. 1728), a bill that would overhaul mortgage regulations aimed at curbing predatory lending and preventing another subprime mortgage meltdown. According to Financial Services Chairman Barney Frank (D-MA), H.R. 1728 is a "tougher version" compared to a similar bill introduced during the previous Congress (H.R. 3915, 110th Congress). Frank will convene a full committee hearing on H.R. 1728 at 10:00 AM on Thursday. Click here for a summary of H.R. 1728.

Hoyer also intends to bring a comprehensive health care reform bill to the floor prior to the August recess.

"We may have three Committees with jurisdiction over health care in the House of Representatives, but we speak with one voice," the majority leader said after meeting with the chairmen of the Energy and Commerce, Ways and Means, and Education and Labor Committees -- along with other key Democratic lawmakers -- to discuss a health care policy game plan. "We are committed to working together to advance health reform legislation that meets the objectives laid out by President Obama."

The House leadership has laid out some general goals for a health care overhaul bill, including lowered costs, increased access to preventative care, and coverage for individuals who lose their jobs.




The American Clean Energy and Security Act will round out Hoyer's floor agenda. House Energy and Commerce Committee Chairman Henry Waxman (D-CA) and Energy and Environment Subcommittee Chairman Ed Markey (D-MA) have released a 648-page "discussion draft" of the legislation, and are holding four hearings on the draft throughout this week.

The draft bill "establishes a market-based program for reducing global warming pollution from electric utilities, oil companies, large industrial sources, and other covered entities," according to a summary released by committee staff. "Under this program, covered entities must have tradable federal permits, called 'allowances,' for each ton of pollution emitted into the atmosphere." The summary goes on to note that a "consumer assistance" section has not yet been drafted.

Waxman intends for his panel to complete work on the American Clean Energy and Security Act by Memorial Day.



© Copyright Capitol Hill Reports, Inc. (2009). No claim to original government works.