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CREDIT CARDHOLDERS’ BILL OF RIGHTS ACT OF 2008: Mr. FRANK of Massachusetts, from the Committee on Financial Services, submitted the following

The model describes the behaviour of consumers, which are heterogeneous in terms of age, income and ¯nancial assets. They maximize the utility from consumption sub- ject to the life-cycle budget constraint. Their savings are remunerated at the deposit interest rate and the cost of borrowing is given by the lending rate. When young, con- sumers work and receive wages that depend on an idiosyncratic, stochastic component and a deterministic life-cycle pro¯le of productivity. When old, they are on a manda- tory retirement and receive pensions. The government collects taxes, pension system contributions and accidental bequests, and spends on public consumption, pensions and transfers. Perfectly competitive ¯rms produce homogeneous. | AUTHENTICATED U.S. GOVERNMENT . INFORMATION X GPQ 2d Session HOUSE OF REPRESENTATIVES 110-857 CREDIT CARDHOLDERS BILL OF RIGHTS ACT OF 2008 September 16 2008. Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. Frank of Massachusetts from the Committee on Financial Services submitted the following R E P O R T together with DISSENTING VIEWS To accompany H.R. 5244 Including cost estimate of the Congressional Budget Office The Committee on Financial Services to whom was referred the bill H.R. 5244 to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan and for other purposes having considered the same report favorably thereon with an amendment and recommend that the bill as amended do pass. CONTENTS Page Amendment . 2 Purpose and Summary . 8 Background and Need for Legislation . 8 Hearings . 10 Committee Consideration . 11 Committee Votes . 11 Committee Oversight Findings . 16 Performance Goals and Objectives . 16 New Budget Authority Entitlement Authority and Tax Expenditures . 16 Committee Cost Estimate . 16 Congressional Budget Office Estimate . 17 Federal Mandates Statement . 20 Advisory Committee Statement . 20 Constitutional Authority Statement . 20 Applicability to Legislative Branch . 20 Earmark Identification . 21 69-006 2 Section-by-Section Analysis of the Legislation . 21 Changes in Existing LaW Made by the Bill as Reported . 23 Dissenting Views . 32 Amendment The amendment is as follows Strike all after the enacting clause and insert the following SECTION 1. SHORT TITLE. This Act may be cited as the Credit Cardholders Bill of Rights Act of 2008 . SEC. 2. CREDIT CARDS ON TERMS CONSUMERS CAN REPAY. a Retroactive Rate Increases and Universal Default Limited. Chapter 2 of the Truth in Lending Act 15 U.S.C. 1631 et seq. is amended by inserting after section 127A the following new section 127B. Additional requirements