Word: congressed
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Dobson, James •followers of are told by that "there is nothing you can do" to combat "the utter evil that's coming out of the United States Congress...
...back. He takes your money - and then charges you $15 for having paid him. That might seem unfair. Yet a few years ago, the Government Accountability Office found it to be standard practice for certain credit-card companies when customers made payments over the telephone. The investigatory arm of Congress couldn't say exactly how many card companies imposed such phone-payment fees - nowhere were the firms required to disclose their policies...
...vilification of credit-card companies - not entirely undeserved - has reached fever pitch. On Thursday, President Obama gave a speech in Albuquerque, N.M., and shared some of his thoughts in an effort to help push through a bill, currently in front of Congress, that would overhaul the credit-card industry's interactions with its customers, including the interest rates and fees it charges. "You should not have to worry that when you sign up for a credit card, you're signing away all your rights," the President said. "You shouldn't need a magnifying glass or a law degree to read...
...That sort of thinking, while valid, misses the larger picture. If one brackets the equally legitimate notion that Americans probably should have less access to credit-card borrowing and simply dissects the bill before Congress, one starts to see that the proposed changes aren't really about dictating what a card company can or can't charge borrowers. There's a way to do that: impose interest-rate caps, as many states' usury laws do. That isn't what Congress is on track to do. Instead, the new law, which would build on regulations issued by the Federal Reserve...
...most part, the bill before Congress isn't about changing the game on card companies. It's about creating a fairer set of rules to play...