By Eliza Krigman
Updated at 5:41 p.m.
With little fanfare from Dems, the Credit CARD Act goes into effect
today, 8 months after it passed Congress by wide margins. But despite a
renewed commitment to better communicate their party's accomplishments
from last year, Dems haven't had much to say about it.
"The successes of this year are going to ring true," DSCC chair Bob
Menendez told National Journal in late Dec. Later in that
same interview, Menendez counted the credit card legislation as one of
his party's achievements. The DSCC has yet to announce any activity to
promote the law going into effect today.
Pres. Obama, busy rolling out his health care proposal and
meeting with the nation's govs, is not scheduled to take part in any
events today highlighting the credit card bill and the WH did not
respond to a request for comment about it. Via the WH press office,
Obama did issue a statement on the matter this morning: "The new rules
are an unprecedented step in my administration's ongoing efforts to
strengthen consumer protections and enact meaningful financial reform."
Consumer advocates, however, are paying closer attention. The U.S.
Public Interest Research Group lauded the bill as an important step
forward, while emphasizing that the proposed Consumer Financial
Protection Agency is what's really needed to safeguard consumers.
"It's very simple," said Ed Mierzwinski, PIRG's consumer
program director, in a press conference late last week. "The historic
new law stops the worst current credit card tricks, but without a new
sheriff to enforce it, banks will invent new tricks."
Still, if PIRG, with its close ties to Ralph Nader, is the
only one making the Dem case on one of the party's biggest
accomplishments from last year, it's not likely a message that will get
out to voters.
Update: DSCC Chairman Menendez, in conjunction with
Rep. Carolyn Maloney, D-NY, and consumer interest
groups, held a news conference in New York today to highlight the
enactment of the credit CARD act. Senate Majority Leader Harry
Reid (D-NV) and Sens. Blanche Lincoln (D-AK)
and Chris Dodd (D-CT) sent out press releases lauding
the achievement.
