Find the best credit card offers online.A notable opponent of the Credit Card Law, enacted to mitigate credit card abuses, is going to lead the Senate Bank Panel.
Next year, South Dakota Democrat Tim Johnson is primed to assume the post as the chairman of the Senate Banking Committee.
Christopher Dodd, Connecticut Democrat and incumbent chairman, revealed this week that he does not intend to run for a second term this year. With Johnson as the eventual successor, his background as a legislator from a rural state strongly influenced by small community banks will be a source of hesitation. Incidentally, South Dakota is the headquarters of the credit card operations of Citigroup, Inc.
Johnson is supported by his fellow senators in the Democratic Party, which is expected to regain senate majority after the midterm election this year.
Spokesperson Julianne Fisher said that the incoming chairman is ready to take on the top post. When asked if the brain surgery performed on 63-year old Johnson three years ago would affect his work, Fisher assured that it has no negative affects at all in his capacity as a competent legislator.
Bert Ely, banking analyst said that the incoming chairman would represent positive change since he differs on a lot of views on a variety of issues in comparison to Dodd.
With regard to Johnson’s disapproval of the new credit card law in May last year, Ely expressed that the senator was “obviously sensitive” to the situation in his home state. In South Dakota, the credit business is a major employer.
Executive director of the National Consumers League (NCL) Sally Greenberg admitted that the incoming chairman is “not believed by consumer advocates” because of his opposition to the new credit law.
In Dodd’s current capacity, he will keep playing a lead role in passing a final bill this year which is endorsed by President Barack Obama. The bill, which was passed by the lower chamber in December last year, involves an overhaul of federal regulations of financial institutions.
Johnson, on the other hand, is expected to protect the interest of community banks from falling under the weight of stricter laws. Moreover, he may also take steps to avert a proposed Consumer Finance Protection Agency.
President and chief executive officer of the Washington-based Independent Community Bankers Association Camden Fine said: “Senator Johnson understands community bank issues [and] that should create an atmosphere where he could be very even-handed in his approach to financial legislation.”
Fine also said that even though there may eventually by battles between ‘big-bank’ and ‘small-bank’ issues. These may include the ‘disparities’ of government regulations as well the ability of these banks to raise capital.
