Word: billing
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Davis quickly proved himself to be a centrist Democrat - voting, for instance, for a 2006 bill to build a fence along the U.S.-Mexican border, a measure that divided Democrats. The previous year, he followed his party in supporting a bill to halt restrictions on federal spending on embryonic stem cell research. He also showed an independent streak: Even as much of Alabama's Democratic establishment, including its black caucus, backed then-Sen. Hillary Clinton in the state's Democratic presidential primary, Davis endorsed Obama. (Obama won.) In the days after Obama's victory last November, there was talk that...
...political hot water, and that they will need to compromise - a little. In Congresswoman Carolyn Maloney, who represents much of Manhattan's armies of financial service workers and is head of the joint economic committee, they have found someone more to their liking. She has moved a bill that is less draconian than Dodd's, allowing rate boosts for existing and future...
...balances in most cases. The bill does incorporate into law many regulatory changes the Administration has already pushed through, like partially applying payments to highest interest rate balances...
...Senate Democrats want more. "There's a desire to see something much closer to Dodd out of committee than Maloney," says the leadership aide. And if the banks manage to water down Dodd, and only Maloney's bill passes? The Dems have a plan for that: humiliate the banks and the Senators protecting them by bringing a tougher version to the floor and making them vote against it. Republicans for their part realize the political tide is against the credit card industry, but are working with them to limit Dodd's bill. "The bill won't go anywhere...
...most likely outcome is a bill somewhere between Maloney's and Dodd's that prevents credit card companies from boosting rates on existing balances but allows them to jack them up for future purchases, eliminates a variety of unfair billing and payment gimmicks the card companies use to jack up fees, and gives the consumer more ways out if the card companies do try to squeeze them...