Today, House Judiciary Committee Ranking Member John Conyers, Jr. (D-Mich.) released the following statement regarding the Credit Card Fair Fee Act of 2008, which the House Judiciary Committee reported to the House at the end of the 110th Congress:
"The House Judiciary Committee reported out the Credit Card Fair Fee Act of 2008 on October 3, 2008 – effectively the last working day of the 110th Congress and the same day that the House was voting on the Emergency Economic Stabilization Act of 2008 to create the Troubled Asset Relief Program (TARP). George W. Bush was President at the time, and because of his likely opposition to the Credit Card Fair Fee Act, it was clear that the bill the Committee reported out would not be signed into law. Speaker Pelosi led Congress in passing the most progressive, consumer-protective laws in memory, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Credit Cardholders’ Bill of Rights. The Dodd-Frank law, a measure that Congresswoman Pelosi and I both championed, contains stricter reforms on credit card interchange fees than contemplated in the Credit Card Fair Fee Act of 2008."