Sunday, March 06, 2005

Consumer Protection - Republican Style

There is an excellent post over at DailyKos by Maryscott OConnor that has promoted from the diaries that is a must read for those interested in the so called "Abuse Prevention and Consumer Protection" Act. This bill deals primarily with Chapter 7 and Chapter 13 bankruptcies. These are the two options available to most individuals as the Chapter 11 variety is more complex and costly and usually reserved for business. The Kos posting covers it in detail but I want to highlight for effect what is happening, to who and by whom.
Various Democrats have been putting potential amendments forward that are designed to protect the most vulnerable consumers and the issues of predatory lending and loopholes for wealthy individuals. Maryscott OConnor ‘s post goes into far greater detail on each of the amendments and has done some excellent research. I am just going to hit the high spots in the hopes that you will go and read the entire ugly story outlined my Maryscott OConnor. Pay special attention to Amendment 42, the smoking gun.

Sponsored by Sen. Schumer (D), Amendment 42 -To limit the exemption for asset protection trusts. In other words to limit the protection afforded to wealthy individuals that put their assets in a “Wealth Protection Trust” which are available in five states to anyone regardless of residence.

Every Republican voted against it.
They were joined by Democrats Nelson(NE), Johnson, and Carper.

Durbin Amendment. 49 - Protect employees and retirees from corporate practices that deprive them of their earnings and retirement savings when a business files for bankruptcy.
Every Republican voted against it. They were joined by Democrat Nelson

Durbin Amendment. 38; To discourage predatory lending practices.
Every Republican voted against it. They were joined by Democrats Nelson(NE), Johnson, and Carper.

Nelson (FL) Amendment 37; To exempt debtors from means testing if their financial problems were caused by identity theft.
Every Republican voted against it. They were joined by Democrats Nelson(NE), Johnson, and Carper.

Dayton Amendment 31.; To limit the amount of interest that can be charged on any extension of credit to 30 percent.
Every Republican voted against it. They were joined by 19 Democrats. We assume the amendment was poorly written.

Corzine Amendment 32; To preserve existing bankruptcy protections for individuals experiencing economic distress as caregivers to ill or disabled family members.
Every Republican voted against it. Democrats Baucus, Bingaman joined Nelson(NE), Johnson, and Carper Every.

Kennedy Amendment 28.; To exempt debtors whose financial problems were caused by serious medical problems from means testing.

Kennedy Amendment 29; To provide protection for medical debt homeowners.

All Republican Senators voted against these amendments.
Democrats voting against Amendment 28 were Biden, Carper, Johnson and Nelson(NE).
Democrats voting against Amendment 29 were Bingaman, Carper, Johnson and Nelson(NE).

Akaka Amendment 15; To require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes.
Every Republican Senator voted against this amendment. Joined by Democrats Baucus, Biden, Carper, Johnson and Nelson(NE).

Feingold Amendment 17; To provide a homestead floor for the elderly.
Every Republican voted against it.

Durbin Amendment 16, As Modified.; To protect service members and veterans from means testing in bankruptcy, to disallow certain claims by lenders charging usurious interest rates to service members, and to allow service members to exempt property based on the law of the State of their pre-military residence.
All Republican Senators voted against.
Democrats Baucus, Biden, Byrd, Carper, Johnson and Nelson(NE) joined them.

Do you get the sense here?
Protection for the elderly – Repubs NO
Medical disaster relief – Repubs NO
Service men and Women – Repubs NO
Consumer Protection - Repubs NO
Protection from Usury – Repubs NO
Help victims of Identity Theft – Repubs NO
Protect Retirees from Corporate Thugs – Repubs NO

Protect Credit Card Companies – Repubs – YES
Screw the Consumers – Repubs YES

Now let me see?? The biggest single contributor the Republican party?
MNBA – the biggest credit card company. Fancy that.

I hope this encourages you to read the entire post over at KOS.

1 comment:

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