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Sen. Cornyn Helps Pass Credit Cardholders' Bill Of Rights Act

Statement

Date: May 19, 2009
Issues: Finance and Banking


Sen. Cornyn Helps Pass Credit Cardholders' Bill Of Rights Act

U.S. Sen. John Cornyn, R-Texas, a member of the Senate Finance and Budget Committees, issued the following statement today after the Senate passed the Credit Cardholders' Bill of Rights Act by a vote of 90-5.

"This legislation puts important, common-sense safeguards in place to better protect honest, hard-working Texans from irresponsible lenders and increases transparency for millions for consumers across the country who depend on credit. Americans must be protected from these lenders, but they should also be protected from irresponsible representatives in Washington.

"Since January, Democrats have embarked on a dangerous spending spree. They have maxed out the nation's credit card and buried future generations in overwhelming debt. In fact, our nation is now borrowing 50 cents for every dollar that has been spent this year. The ‘do as I say, not as I do' mentality in Washington has our nation teetering on the verge of bankruptcy. In order to avoid that, Congress must practice the same fiscal restraint that American families do each and every day."

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