S5304 CONGRESSIONAL RECORD — SENATE May 11, 2009 HAPPY BIRTHDAY JIM JEFFORDS maybe 11—one of my older brothers, 10 wrong with that. That balance aver- Mr. REID. Mr. President, a former years older—a wonderful man; he died ages more than $7,000. That is what the colleague of ours celebrates a mile- at age 47; he was a young man, not long average is. But they are using credit stone today. Jim Jeffords, who served out of high school—worked for the cards that have misleading terms and his country in the military for many Standard station in Ash Fork, AZ, confusing conditions. decades and the people of and which was quite a ways from Search- A recent study by the Pew Trust Congress for 32 years—and he did so on light. I had never really been anyplace. Foundation found that 100 percent of both sides of the aisle, over there and My brother, being the great big brother credit cards came with policies that over here—was born 75 years ago today. he was, wanted me to see someplace the Federal Reserve has determined Jim Jeffords, of course, was a lifelong other than Searchlight. So I went and cause harm to consumers—not 50 per- Vermonter. His father was the chief spent a couple weeks with him in Ash cent, not 60 percent, not 75 percent, 100 justice of the , Fork, AZ. For me, it was a real eye- percent. And 93 percent of those con- and Jim Jeffords graduated from opening thing. I had never really trav- tracts said the credit card company Vermont public schools, Yale Univer- eled anyplace. He drove us over there. could raise the interest rate anytime sity, and Harvard school. He was a very The one thing he didn’t bother to tell for any reason. Here are just a few of smart man, as indicated with his aca- me is that he had a girlfriend, and so the things the legislation that will demic background. he spent a lot of time when he was not soon be before the Senate does to fix He served for 35 years in the U.S. working with his girlfriend. He still that. Navy and Naval Reserve until he re- kept an eye on me and took good care First, it protects consumers by estab- tired as captain while still sitting as a of me, but I spent most of my time lishing fair and sensible rules for how Senator. During Jim Jeffords’ time in with his girlfriend’s brother. His and when credit card companies can the Senate, he did much to ensure chil- girlfriend’s brother was older than I raise interest rates. Credit card compa- dren could get a good education, that was. We would play games. There nies must give a 45-day notice before they could get a job when they grad- wasn’t much he could do better than increasing rates and can no longer do uated from school. He cared deeply for me. But I rarely won anything because so on existing balances. Second, it cracks down on abusive the environment and for people with he kept changing the rules in the mid- fees. For example, consumers no longer disabilities. He served during his last dle of the game. I have always remem- will have to pay a fee just to pay a bill. years in the Senate as chairman of the bered that. It is hard to win a game That happens. And credit card compa- Environment and Public Works Com- when the rules keep changing. The reason I mention that little per- nies must mail statements 21 days be- mittee. He was one of the leaders who sonal vignette is, what do you do when fore the bill is due so cardholders can pushed the to lead a hu- you play by the rules but the rules avoid these hefty late charges. manitarian mission to Rwanda during change in the middle of the game? Third, it protects young consumers the country’s terrible genocide. Of There is a woman in Nevada named such as college students from preda- course, Senator Jeffords also single- Shelley. Like millions of Americans, tory marketers. handedly shifted the balance of power she pays her credit card bill in full It strengthens oversight of the credit in this body when, in 2001, he became every month. She has never been late. card industry to keep it in line. an Independent and caucused with Whatever they say is the minimum For every greedy executive and devi- Democrats. It was a very courageous payment, she at least makes that pay- ous con artist, there are millions of thing for Jim to do. ment and sometimes more. She is the honest, hardworking Americans who As we have read in the history books, model of what credit card companies struggle every day to simply make it wasn’t easy for him to do this. It call ‘‘in good standing.’’ ends meet. They worry every morning cost him friends, supporters, even some But Shelley recently was told that about how much longer their job will of his own staff. When he announced the interest rate on her card was going be there and every night about how to his decision, Senator Jeffords said: up from 9.5 percent to 17.5 percent; her keep their families healthy and keep a The weight that has been lifted from my rate was almost doubling. For reasons roof over their heads. They worry shoulders now hangs heavy on my heart. unknown to her, she could not under- about troubles they did not create; and He knew the impact his decision stand this. So Shelley asked to close even though they are stunned about would have on the people around him, the account. But the bank told her the these troubles they did not create, they and he cared deeply about that. At the time to opt out of her contract had cannot cure them. time that he did this, it was a very ended before she even knew it had Too many hardworking Americans popular thing with the American peo- started. have already lost too much in this re- ple to do. When Senator Jeffords was She played by the rules, Shelley did. cession. It is our job to protect them here in Washington and other places in But the rules changed in the middle of from losing even more. the country, they would recognize him; the game. This legislation will not only level people would stand and applaud. If we are truly to get our economy the playing field and keep the rules Jim has been very ill since he retired back on its feet, we must protect peo- consistent from beginning to end, it from the Senate. He is in extremely ple like Shelley and the millions of can also save families thousands of dol- bad health. We wish him well. Senator Americans who use credit cards for ev- lars a year. Jeffords’ family threw him a small erything from buying a sandwich to Shelley, the woman I told the story birthday party this past weekend. His paying for college. Chairman DODD and about—the Nevada woman who told me son Leonard, his daughter Laura, his ranking member SHELBY have drafted a about her frustrations with her credit grandson Patrick, and his grand- bill that puts fairness and common card company, wrote: daughter Hazel were all there. sense back into credit cards and pro- I feel like I am being robbed by a I don’t have nearly the voice in any tects consumers from excessive fees, company that my tax dollars are try- way that Senator Jeffords had. For ever-changing interest rates, and com- ing to bail out. many years he was a member of our plex contracts seemingly designed to Mr. President, I do not remember very own barbershop quartet, the Sing- do one thing above all—to keep people much from my trip to Ash Fork, AZ, ing Senators. So I will not break out in in the dark and in debt. other than my brother’s future broth- song, but on behalf of the entire Sen- In short, this bill we will be taking er-in-law kept changing the rules in ate, we wish our friend Jim Jeffords a up this afternoon at 3:30 cleans up the the middle of the game. That is what very happy 75th birthday. fine print so consumers can’t get the credit card companies are doing, f blindsided by the credit card compa- and that is what we have to stop. We nies. must protect those who play by the CREDIT CARD REFORM More and more Americans sign for rules because it is not just their credit Mr. REID. Mr. President, when I was and use credit cards every day. Three at stake, it is our country’s credibility. just a boy—as I look back, I really out of five credit card users carry a I think at this stage, it is the Senate’s don’t know how old I was, probably 10, balance on their card. There is nothing credibility. The bill that passed the

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