Madam Speaker, I rise in support of H.R. 3639, the Expedited Card Reform for Consumers Act of 2009.I want to thank Chairman Frank for joining with me and moving this so quickly. Thanks also to Senators Dodd of Connecticut and Udall of Colorado for taking action in the Senate.

This bill would simply move up the effective date of the remaining provisions of the Credit Card Act from February and August 2010 to December 1, 2009. It would exempt both small card issuers and gift card issuers (keeping those implementation dates in February, 2010).

Washington, DC – The House of Representatives today overwhelmingly approved legislation sponsored by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA) that would push up the effective date of credit card reforms scheduled for next year to immediately upon the signing of the bill.

Rep. Carolyn Maloney said, “Card companies have redoubled many of the abusive practices that brought Congress to pass my original reforms last Spring. Rather than use the time-- time they asked for-- since the bill’s signing in May to prepare for the changes, they’ve raised rates and fees with absolutely no regard for the dire position of millions of their customers.

Thank you, Mr. Chairman, and thank you for holding this critical hearing on H.R. 3904, the Overdraft Protection Act of 2009.

The “Overdraft Problem” is significant-- and getting worse, because the quantity of debit card transactions has now exceeded the quantity of credit card transactions.  Just yesterday, a headline in The American Banker newspaper read, “Dependence on Debit is the New Norm.”

WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) today offered the following statement upon the introduction of  the “Affordable Health Care for America Act”: