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Blog Post
September 23, 2008
Credit card debt in the US has reached a record high of nearly $1 trillion, averaging $9,840 per household. With the economy slowing, costs of daily living and unemployment rising, growing numbers of cardholders are unable to keep up with their payments and are being taken advantage of by an industry with few regulations and little oversight. In 2007, credit card issuers imposed $18.1 billion in penalty fees on families carrying credit card balances--up more than 50% since 2003 and accounting for nearly half of the $40.7 billion in credit-card industry profits. While credit card companies will pull in more than $19 billion this years from late fees, over-limit charges, and other penalties, consumers nationwide are facing excessive credit card fees, sky-high interest rates, and unfair, incomprehensible agreements that credit card companies revise at will.
Press Release
September 22, 2008
"We stated to the American people that we, having heard their presentation of the financial crisis that our country was facing, understood the urgency to move as quickly as possible."
Speech
September 22, 2008
"We stated to the American people that we, having heard their presentation of the financial crisis that our country was facing, understood the urgency to move as quickly as possible."
Blog Post
September 21, 2008
Speaker Pelosi issued the following statement today as Congress and the White House work to craft legislation to address the crisis in our financial markets:
Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers' interests. The Administration's $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.
Press Release
September 21, 2008
"Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers' interests. The Administration's $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation."
Blog Post
September 20, 2008
Speaker Pelosi issued the following statement today on a sweeping legislative proposal by the Bush Administration to confront the historic financial crisis:
Congress is reviewing the Bush Administration's proposal to address the extraordinary crisis in our financial markets. It's clear that the Administration has requested that Congress authorize, in very short order, sweeping and unprecedented powers for the Treasury Secretary to confront a financial crisis of historic proportions.Democrats will work with the Administration to ensure that our response to events in the financial markets is swift, but we must insulate Main Street from Wall Street and keep people in their homes by reducing mortgage foreclosures.
Press Release
September 20, 2008
"Congress is reviewing the Bush Administration's proposal to address the extraordinary crisis in our financial markets. It's clear that the Administration has requested that Congress authorize, in very short order, sweeping and unprecedented powers for the Treasury Secretary to confront a financial crisis of historic proportions."
Press Release
September 19, 2008
"Once Congress receives the Bush Administration's formal proposal, we will examine it expeditiously. As I told the President this morning, we are committed to quick, bipartisan action while ensuring that we uphold key principles -- insulating Main Street from Wall Street and keeping people in their homes by reducing mortgage foreclosures, restoring market confidence, and protecting American taxpayers from incurring hundreds billions of dollars of debt."
Articles
September 18, 2008
"House Speaker Nancy Pelosi vowed Thursday to press ahead with a Democratic plan to inject more than $50 billion or so into the economy, despite opposition from the White House and moderates in her own party."
Blog Post
September 18, 2008
Speaker Pelosi addressed reporters this morning on the current financial crisis: