Senator Tom Coburn sponsored an amendment to the credit card reform bill which was then passed out of the Senate by a 67 to 29 majority. I'm not myself in favor of the credit reform bill because no matter how good it sounds, anything Congress tries to regulate always turns into field fertilizer (problems they try to solve normally multiply & increase in intensity). However, due to the fact that the old House version of the same bill passed by a vote of 357 to 70 there is likely no stopping it (due largely to the battle cry of "we're having an emergency! We need to fix it NOW- you don't have time to read it!").
Wednesday, May 13, 2009
At least with the Coburn amendment the stinky bill will have a little perfume added to it. The bill overall will still smell like a cow paddie (not to mention all the smelly pork bound to be piled on), but the intensity of the stench would be somewhat reduced due to the small amount of good news that is the Coburn amendment.
Thank you Senator Coburn!
Update 1: House passed the amended bill.