H.R. 3639 is expected to be considered under a structured rule on November 4, 2009. The legislation was introduced by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA) on September 24, 2009. The bill was ordered to be reported, as amended, by the Committee on Financial Services on October 22, 2009. The rule provides one hour of debate equally divided.

H.R. 3639 would accelerate the implementation dates of the Credit Card Accountability Responsibility and Disclosure Act of 2009, moving the nine-month (February 20, 2010) and 15-month (August 22, 2010) implementation dates up to December 1, 2009. The February rulemaking addresses the majority of the provisions in the Credit CARD Act, including the limitations on rate increases for existing balances, the requirement that creditors consider a consumer's ability to make the required payment before opening a credit card account or increasing a credit limit, the provisions addressing extensions of credits to consumers who are under 21, the limitations on the assessment of fees for exceeding the credit limit, the requirement that payments above the minimum generally be allocated first to that balance with the highest rate, and the prohibitions on double-cycle billing and on charging interest on amount paid prior to the expiration of the grace period. The August provisions address fees and disclosures for gift cards and other prepaid cards, the amount of credit card penalty fees, and the requirement that creditors re-evaluate past credit card rate increases every six months.

BACKGROUND

Some members may be concerned that since the Credit CARD Act was signed into law on May 22, 2009, consumers, including many small businesses, have experienced a dramatic decrease in the availability of credit.  Seventy-nine percent of small businesses surveyed by the Small Business Administration said that credit card lending has tightened since last year. Small business lending is down almost $118 billion since the fourth quarter of 2008 and 10 percent of all credit-card lines have been cancelled outright. 

Federal Reserve Chairman Ben Bernanke expressed his concerns regarding the harmful impact of H.R. 3639.  In an October 9, 2009 letter to Rep. Spencer Bachus (R-AL), Chairman Bernanke stated,

"Creditors must make extensive changes to their systems and business models in order to comply with the Credit CARD Act...Creditors must also revise underwriting systems for all new and existing credit card accounts, develop new systems for calculating interest charges when balances are partially paid during a grace period, create procedures for submitting credit card agreements for publication on the Board's website, and design new disclosures regarding the consequences of making minimum payments."

"Board staff understands that many small institutions (such as community banks and credit unions) rely heavily on third-party vendors to adjust their systems and that these vendors are currently overwhelmed by the demand from all of the institutions they service."

"Board staff also notes that creditors are not the only entities that must comply with the Credit CARD Act.  In particular, the Act requires institutions of higher education to disclose agreements with credit card issuers regarding the marketing of credit cards to student.  Many of these institutions may be unaware of the new requirement and will require some time to put procedures in place to make these agreements available."

COST

The Congressional Budget Office (CBO) estimates that enacting this bill would have no significant effect on revenues or net direct spending. H.R. 3639 would impose private-sector mandates. The CBO estimates that the aggregate cost of those mandates would probably exceed the annual threshold established in UMRA for private-sector mandates ($139 million in 2009, adjusted annually for inflation).

AMENDMENTS

1. Rep. Hensarling (R-TX):  The amendment would clarify that changes to a credit card agreement that reduce a customer's interest rate or other fees can be implemented immediately, instead of being subject to the 45-day waiting period required under the CARD Act of 2009.

2. Rep. McCarthy (D-NY):  The amendment would provide that any card issuer that imposes a moratorium on increases in rates, fees, and terms and conditions of a contract would be exempt from the accelerated date for the provision requiring an issuer to apply a customer's payment in excess of the minimum amount due, to the highest rate balance.

3. Rep. Maffei (D-NY):  The amendment would set the effective date of certain provisions of the CARD Act of 2009 to the enactment date of this Act.

4. Rep. Sutton (D-OH):  The amendment would prevent the closure of a credit card account in response to the imposition of a new fee from negatively impacting a consumer's credit report or credit score.

5. Rep. Stupak (D-MI):  The amendment would impose a moratorium on increasing annual percentage rates, fees and finance charges, as well as a moratorium on changing the terms for repayment of outstanding balances on credit card accounts, for nine months after enactment of this Act.

H.Res. 868 is expected to be considered on the floor of the House on Tuesday, November 3, 2009, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Susan Davis (D-CA) October 23, 2009.

 

H.Res. 868 would resolve that the House of Representatives:
• "Honors and recognizes the service and achievements of current and former female members of the Armed Forces;
• "Encourages all people in the United States to recognize the service and achievements of women in the military and female veterans on Memorial Day;
• "Encourages all people in the United States to learn about the history of service and achievements of women in the military; and
• "Supports groups that raise awareness about the service and achievements of women in the military and female veterans through exhibitions, museums, statues, and other programs and activities."

 

BACKGROUND

According to the resolution findings, women are and have historically been an important part of all United States war efforts, voluntarily serving in every military conflict in United States history since the Revolutionary War.

H.Con.Res. 139 is expected to be considered on the floor of the House on Tuesday, November 3, 2009, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced Rep. Doug Lamborn (R-CO) June 3, 2009.

 

H.Con.Res. 139 would resolve that the House of Representatives:
• "Congratulates the 207 graduates (157 surviving as of April 2009) of the first United States Air Force Academy class on the 50th anniversary of their graduation;
• "Acknowledges the continued excellence of the United States Air Force Academy and its critical role in the defense of the United States; and
• "Recognizes the outstanding service to the Nation that graduates from the United States Air Force Academy have provided."

BACKGROUND

According to the resolution's findings, on April 1, 1954, President Dwight D. Eisenhower signed legislation establishing the United States Air Force Academy to prepare young men for careers as Air Force officers.

 

H.Res. 856 is expected to be considered on the floor of the House on Tuesday, November 3, 2009, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Jerrold Nadler on October 22, 2009.

H.Res. 856 would resolve that the House of Representatives:
• "Recognizes the commissioning of the USS New York LPD 21;
• "Congratulates the captain and commissioning crew of the USS New York LPD 21 on the occasion of their vessel entering into the service of the United States Navy;
• "Recognizes the sacrifices made by the men and women in uniform who put themselves in harm's way in order to protect and defend the United States;
• "Honors those who lost their lives at the World Trade Center, the Pentagon, and Shanksville, Pennsylvania, on September 11, 2001; and
• "Recommits itself to the counter-terrorism mission of the USS New York LPD 21 and all the members of the United States Armed Forces."

BACKGROUND

According to the resolution's findings, on September 6, 2002, the Secretary of the Navy announced the name of the fifth vessel of the San Antonio-class Amphibious Transport Dock ships would be named USS New York LPD 21.

H.Res. 880 is expected to be considered on the floor of the House on Tuesday, November 3, 2009, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Bill Cassidy (R-LA) October 29, 2009.

H.Res. 880 would resolve that the House of Representatives:
• "Recognizes the efforts of career and technical colleges to educate and train workers for positions in high-demand industries; and
• "Supports the connection career and technical colleges provide between employers and students."

BACKGROUND

According to the resolution findings, more than 80 percent of respondents in the 2005 National Association of Manufacturers Skills Gap report indicated that they are experiencing a shortage of qualified workers.

H.Res. 752 is expected to be considered on the floor of the House on Tuesday, November 3, 2009, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. The resolution was introduced by Rep. Deborah Halvorson (D-IL) on September 17, 2009, and referred to the Committee on Education and Labor, which took no official action.

H.Res. 752 would express the sense that the House of Representatives:

 

•  "Honors the 259 miners lost in the tragedy known as the Great Cherry Mine Disaster on its 100th anniversary;

•  "Supports the important safety measures that were enacted as a resulted of this terrible incident and others around the country like it; and

•  "Recognizes the important role organized labor has played in protecting the physical and economic security of workers in the United States."

 

BACKGROUND

According to the resolution's findings, the St. Paul Mine Company began operation of a mine in Cherry, Illinois, in 1905. In 1909 an electrical outage caused mine workers to use lanterns and torches for light. A torch caught fire 500 feet into the mine, and the fire quickly spread throughout the mine. To stop the spread of the fire, two of the mine shafts were closed, causing miners to become trapped in the mine with the toxic gasses from the fire. 259 miners, including 4 children, were killed in the ensuing tragedy, which became known as the Great Cherry Mine Disaster. Some Members may make note that the findings also state, "United Mine Workers have been an important and consistent ally in promoting workplace safety and fair wages and compensation for United States workers, as has organized labor as a whole."

H.Res. 878 is expected to be considered on the floor of the House on Tuesday, November 3, 2009, under a motion to suspend the rules, requiring a two-thirds majority vote for passage. The resolution was introduced by Rep. Todd Platts (D-PA) on October 29, 2009, and referred to the Committee on Education and Labor, which took no official action.

H.Res. 878 would express the sense that House of Representatives:

 

•  "Supports the goals and ideals of National Family Literacy Day; and

•  "Recognizes the benefits of parental involvement in a child's education."

 

BACKGROUND

According to the resolution's findings, children spend up to five times as much of their time outside the classroom than at school. National Literacy Day is held annually on November 1 to encourage parents to become more involved in kid's schoolwork at home. In honor of National Family Literacy Day, educational events activities for families will take place at schools and within literacy programs across the country.