the Same Special Interest Pandering from John Gard
"With our national economy in turmoil, northeast
Gard: Beholden to Banking Interests
In 1993, Gard voted to allow banks and credit card companies to charge higher fees. The bill increased the cap on credit card late fees from $2 to $10, increased the cap on cash advances from $2 to $5-per-advance, allowed lenders to charge up to $15-per-billing cycle for exceeding credit limits and increased the cap on fees for overdrawn checks from $10- to $15-per-check. (Sources: Bill Text, SB 316, May 25, 1993; Milwaukee Journal Sentinel, 10.10.93; Wisconsin State Journal, 6.15.93)
- John Gard has taken $66,250 from commercial banking interests since running for Congress. (Source: Center for Responsive Politics, accessed 9.23,08)
Kagen: Fighting for Credit Cardholders’ Rights
- The Credit Cardholders' Bill of Rights Congressman Kagen voted for Tuesday (HR 5244) will end several abusive practices by credit card companies:
o Protects against arbitrary rate increases by requiring card companies to give cardholders 45 days notice of any interest rate increases.
o Prevents card companies from retroactively increasing interest rates on the existing balance of a cardholder unless the cardholder is more than 30 days late.
o Prohibits card companies from charging interest on debt that is paid on time during a grace period.
o Curbs excessive fees and prohibits knowingly issuing cards to minors.