House Proceeding 04-30-09 on Apr 30th, 2009 :: 0:26:05 to 0:28:35
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0:26:01 to 0:26:21( Edit History Discussion )

Spencer Bachus: i am pleased to yield the rest of the time to congressman duncan. the chair: the gentlelady reserves her time. ms. slaughter: i do. the chair: the gentleman from texas. mr. neugebauer: i rise in opposition and claim time. the chair: the gentleman is recognized. mr. neugebauer: i'm pleased to yield two minutes to the the full committee, mr. bachus.

0:26:05 to 0:28:35( Edit History Discussion )
Speech By: Spencer Bachus

0:26:22 to 0:26:43( Edit History Discussion )

Spencer Bachus: the chair: the gentleman will be is recognized for five minutes. mr. bachus: thank you, mr. chairman. there is nothi more controversial than students with credit cards and young people with credit cards. i think we all as members of congress have heard complaints from our constituents. this is a response to some of

0:26:44 to 0:27:04( Edit History Discussion )

Spencer Bachus: that unease or anger. but what we are doing here is two things. there's two provisions in this bill that i'm opposed to. one is that you cannot have a credit card or someone under the age of 18 cannot have a credit card unless they have been emancipated by the state or residence. which means you are eliminating

0:27:05 to 0:27:25( Edit History Discussion )

Spencer Bachus: anyone under the age of 18. that includes a lot of students. for those you're saying no credit card under any circumstances unless you have been emancipated. which i disagree with. secondly, here you're saying to a group of students, 77% of them, according to the g.a.o., use their credit cards for most

0:27:26 to 0:27:47( Edit History Discussion )

Spencer Bachus: of their personal expenses, a lot of their lodging, a lot of their books, a lot of their fees and make large purchases from time to time. you're saying you can only have a credit card in two cases, $500, which is not going to be sufficient for many of them, or 20% of your income. some of them are students.

0:27:48 to 0:28:08( Edit History Discussion )

Spencer Bachus: they have no income. now, you say their parents can co-sign and to get around this their parents can co-sign and, number two, you do a complete credit history. which is prettyntrusive. you're really making decisions

0:28:09 to 0:28:29( Edit History Discussion )

Spencer Bachus: for every family and every student. do you want to do that? what if their parents won't sign? wh to go to school and they need to charge over $500? yore really beginning to micromanage. sometimes it will prevent some injustices, sometimes itill

0:28:30 to 0:28:36( Edit History Discussion )

Spencer Bachus: prevent some financial difficulties like ms. slaughter said, but often times it will