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TESS VIGELAND: This week one of the primary movers and shakers in legislation that affects our credit cards and bank accounts announced he will not run for reelection. Democratic Senator Christopher Dodd said there were myriad factors in his decision to end his congressional career. Among them his recent battle with prostate cancer and anticipation of a tough reelection fight
Senator Christopher Dodd: In the long sweep of American history, there are moments for each elected public official to step aside and let someone else step up.
Dodd currently serves as chairman of the Senate Banking Committee. Last spring, he helped push through the credit card reform bill. When we spoke with him about it in May, he indicated the work might not be done — given the unilateral changes banks were continuing to make to credit card agreements.
Dodd: We came very close to actually imposing a national usury cap. And I’m very close to endorsing one myself. The industry needs to wake up, step back, take a breath and realize that what you’ve been doing here has been unfair. And frankly, there are other tools in our arsenal to deal with this industry if they decide to punish the consumers, because they finally stood up and demanded greater accountability, greater fairness.
Senator Dodd now has about 11 months to utilize that arsenal.
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