Democratic Senate Majority Leader Harry Reid
Democratic Senate Majority Leader Harry Reid came out today about Banks sticking it to us consumers over the credit cards we use. My bank is right there with the rest, Bank of America. Reid says
Hundreds of Nevadans have written to me this year with some alarming news. Even though they’ve played by the rules and paid their bills on time, credit card companies are doubling their interest rates without notice, charging ridiculous fees and creating a cycle of debt that is nearly impossible for struggling families to escape. Some loyal consumers have even had their accounts cancelled unexpectedly. Adding insult to injury, some of these credit card companies are part of the very same banks taxpayers helped keep afloat in order to prevent an economic disaster. As one Las Vegas lady told me: “I feel like I am being robbed by a company that my tax dollars are trying to bail out.”
He understands “Nevadans are mad.” Golly, Harry, you just now learning that? To the rescue Senator Reid has issued a statement. He says the new legislation will
This bill protects consumers by establishing fair and sensible rules for how and when credit card companies can raise interest rates. Under this legislation, card companies must give 45 days’ notice before increasing rates — and they can no longer increase rates on existing balances. The bill cracks down on abusive fees, which sometimes require consumers to pay a fee just to pay a bill. And credit card companies must mail statements 21 days before the bill is due, so cardholders can avoid hefty late fees. To learn more, CLICK HERE.
So, I clicked there, and was taken to a Las Vegas Review Journal where there was a news story about the credit card matter and his statement about it. I can’t say that talking about it will help matters. They have to actually do something about it.
The good Senator refers us to his website. He is up for re-election, after all. He has a lot of juice. Nobody I know of, except Lt. Governor Republican Brian Krolicki, has announced any plans to run against Reid. Krolicki, however, since making his announcement has been indicted on charges he criminally fiddled around with some money while he was Nevada State Treasurer. I don’t think Krolicki has a frog hairs chance. There is a fellow named Bill Barton, a Republican, who has announced he intends to run against Reid. I don’t expect any Democrats will oppose Reid either.
Barton is a newcomer. He has to obtain the nomination of the Republican Party before he can oppose Reid. I don’t expect he’ll Barton will. Too new, lack of money. I don’t know how well connected he is inside the Republican Party.
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