Stop Unfair Practices in Credit Cards Act of 2007: 12/04/07
Read the entire bill below: (more…)
Read the entire bill below: (more…)
Tonight the Senate will vote on the nomination of Judge Michael Mukasey to be Attorney General. His nomination comes at a critical time. At this moment in history, America is faced with serious challenges both at home and abroad. We are at war in Iraq and Afghanistan and are engaged in a long-term struggle against al Qa’ida and other extremists. Military might alone will not be enough for us to win these fights. Strengthening America’s security requires us to harness the power of our ideals and values and lead a global effort to confront these threats. When we project moral hypocrisy or suggest that our commitment to our fundamental values depends on the circumstances, we lose the support of the world in our common efforts against common enemies, thereby compromising our own security.
The most striking feature of any visit to Iraq is the bravery and professionalism of American troops. And their courage, combined with the increased Iraqi army capability and willingness to fight, has resulted in some reduced violence in some places in Iraq.
Despite that, there’s a continuing — as a matter of fact, I’d say a deepening — consensus that there is no military solution to the sectarian strife in Iraq, and that the only hope of ending that violence is political compromise between the leaders of the feuding groups.
But the political leaders continue to ignore the desperate situation that their people find themselves in, and recent discussions among top political leaders have apparently produced little or nothing.
That failure has reinforced the widely held view that the Maliki government is nonfunctional and cannot produce a political settlement because it is too beholden to religious and sectarian leaders.
Iraqi leaders have not met their own political benchmarks to share power and resources and to modify the de-Baathification laws and to schedule provincial elections and to amend their constitution.
So I hope that the Iraqi assembly, when it reconvenes in a few weeks, will vote the Maliki government out of office and will have the wisdom to replace it with a less sectarian and a more unifying prime minister and government.
In an editorial published this week, The New York Times highlighted the predatory and deceitful practices that have become commonplace in the banking and credit card industries.
The editorial specifically commended and endorsed Senator Levin’s legislation to end these unfair practices.
A bill introduced by Senator Levin would limit “penalty” interest rates to an additional 7 percent above the previous rate. It would also prohibit retroactive penalties and double cycle billing, and it would limit the amount of fees companies could charge customers who exceed their credit limit.
Passing the Levin bill would be a good start. But Congress needs a comprehensive approach to this problem. Lawmakers need to ban deceptive card offers outright, strengthen federal oversight and toughen truth-in-lending laws.
Meanwhile, American consumers should think long and hard before they accept credit card offers that are too good to be true.
Click the play button to hear Sen. Levin
deliver the weekly Democratic Radio Address
(Download 4.0 MB MP3)
Text of the Address, as delivered:
Good morning, this is Senator Carl Levin of Michigan.
This week, the Senate had the opportunity to do what most Americans want us to do: change course in Iraq. Although a bipartisan majority of the Senators supported an amendment to do just that, we were blocked by the Republican leadership from voting on it.
Now in its fifth year, the Iraq war has cost more than 3,600 American lives, seven times that many wounded and over a half a trillion dollars.
President Bush claims that we must keep paying this terrible price to protect America from terrorism. But even the Administration’s own intelligence experts are saying that during the war in Iraq there has been an increase in the threat of terrorism and that Al Qaeda has regained its strength.
Last week, Senator Jack Reed and I offered an amendment to begin reducing U.S. troops in Iraq and to change their mission to get us out from the middle of a civil war.
The Republican leadership chose to filibuster our amendment to deny the majority the opportunity to vote on it.
Senator Levin, Governor Granholm, and the Michigan Democratic Congressional Delegation unveil a comprehensive plan - the American Manufacturing Initiative - to revitalize our domestic manufacturing industry and reverse the loss of millions of U.S. manufacturing jobs.
Mr. President, I am introducing today, along with Senator McCaskill, the Stop Unfair Practices in Credit Cards Act.
Credit cards are a fixture of American family life today. People use them to buy groceries, rent a car, shop on the Internet, pay college tuition, even pay their taxes. In 2005, the average family had 5 credit cards, and American households used nearly 700 million credit cards to buy goods and services worth $1.8 trillion.
Credit cards fuel commerce, facilitate financial planning, and help families deal with emergencies. But credit cards have also contributed to record amounts of household debt. Some credit card issuers have socked families with sky-high interest rates of 25%, 30%, and higher, and have hit consumers with hefty fees for late payments, for exceeding a credit limit, and other transactions. In too many cases, credit card issuers have made it all but impossible for working families to climb out of debt.
By U.S. Sen. Carl Levin
Los Angeles Times
TO PARAPHRASE President Reagan, there he goes again.
On Rush Limbaugh’s radio program last week, Vice President Dick Cheney spoke about Jordanian terrorist Abu Musab Zarqawi and stated: “He went to Baghdad. He took up residence there before we ever launched into Iraq, organized the Al Qaeda operations inside Iraq…. This is Al Qaeda operating in Iraq and, as I say, they were present before we invaded Iraq.”
It is incredible that more than four years after the invasion, the vice president is still trying to convince the public that Saddam Hussein’s regime was connected to Al Qaeda and that Zarqawi’s presence in Iraq was evidence of a connection.
Detroit Free Press
While he gets most of his attention as one of the chief critics of the conduct of the war in Iraq, U.S. Sen. Carl Levin plunges today into a domestic issue of enormous impact for Americans: abusive practices by credit card companies.
By Hope Yen
Associated Press
WASHINGTON - Secretary of State Condoleezza Rice urged the Democratic-controlled Congress not to interfere in the conduct of the Iraq war and suggested President Bush would defy troop withdrawal legislation.
But Sen. Carl Levin, chairman of the Senate Armed Services Committee, said lawmakers would step up efforts to force Bush to change course. “The president needs a check and a balance,” said Levin, D-Mich. (more…)
Gordon Trowbridge
Detroit News
WASHINGTON — Senator Carl Levin said today that the nation needs “a surge of concern” for wounded Iraq veterans, after media reports found decrepit conditions and bureaucratic red tape interfering with the care of wounded soldiers at Walter Reed Army Medical Center. (more…)
NBC News and news services
Committee chairman says Democrats do not have enough votes yet
WASHINGTON - A top U.S. Senate Democrat said Sunday his party aims to limit the role of the nearly 140,000 American troops in Iraq and withdraw most of them from the war-torn country within a year.
(more…)
By Gordon Trowbridge
Detroit News
WASHINGTON — Michigan’s senior U.S. senator, Democrat Carl Levin, said Friday he plans to delve more deeply into the story of how the United States went to war in Iraq, sending staffers to interview key White House and Pentagon officials about how dubious intelligence linking Saddam Hussein to the September 11 terrorist attacks became part of the justification for the 2003 invasion.
(more…)
By Gordon Trowbridge
Detroit News
WASHINGTON — An investigation by the Pentagon’s internal watchdog of the run-up to the Iraq war shows top Defense Department officials manipulated intelligence on Iraq’s relationship with al-Qaida, Sen. Carl Levin said today. (more…)
By U.S. Sen. Carl Levin
Detroit Free Press
There is a consensus among scientists — and a growing consensus among political leaders — that global warming is occurring, that we are causing it, and that we need to act now for the sake of future generations. It is critical that we take steps equal to the environmental challenge at hand and that do not needlessly hurt the economy. (more…)
By Jonathan Allen
CQ Today
The sight of Sen. Carl Levin behind a committee dais might not scare government and corporate witnesses, but it should.
The Michigan Democrat lacks the witness-bashing bombast of Sen. John McCain, R-Ariz., or the central-casting courtliness of Sen. John W. Warner, R-Va. But few lawmakers use their question time as judiciously or as effectively as Levin, whose tenacious yet civil interrogating routinely elicits closely guarded information from even the most hostile witnesses. (more…)
All Things Considered
National Public Radio
Robert Siegel talks with Sen. Carl Levin (D-MI), who has agreed to sign on to a bill along with Sen. John Warner (R-VA) expressing disapproval of President Bush’s “surge strategy” in Iraq. But some Democrats say the bill could inhibit more critical legislation that could come later. (more…)