By Suzia van Swol-University of New Mexico-Talk Radio News Service
It is time to focus less on Wall Street and more on Main Street said Senate Majority Leader Harry Reid (D-NV) today. Reid hopes to accomplish his goal with housing legislation and the Federal Deposit Insurance Corporation, which guarantees safe deposits and that transactions are fully insured.

Although banks have come down on proposed legislation, arguing that it will increase primary mortgage rates, the general consensus among four Democratic Senators today was that by reducing by foreclosures, banks will start lending and the economy will start moving again.

When dealing with credit cards, “disclosure doesn’t work anymore,” said Sen. Charles E. Schumer (D-NY). Credit card companies have become so good that more is needed to make customers aware of how much interest rates will actually cost them.

From Starbucks to Microsoft, people are experiencing job loss and it is time to be “focused on getting some confidence and stability back to families,” Sen. Patty Murray (D-WA). She said that it is time to help Americans and deal with the foreclosure crisis.

Sen. Richard Durbin (D-IL) said that he is sick and tired of being asked to give billions to banks who have no sympathy for struggling families, and if they have no sympathy than “I don’t have any sympathy for them.”

The credit card practices of college students was discussed by the
House Subcommittee on Financial Institutions and Consumer Credit.
Rep. Carolyn Maloney (D-N.Y.) said that college students are targeted
by credit companies and likely to end up with high debt. She
continued, saying students are often rewarded for releasing their
personal information to credit card companies with items like t-shirts
and pizza.

According to Christine Lindstrom of the U.S. Public Interest Research
Group, decreased federal and state funding for education causes
students to pay for larger shares of their education and often
necessitates credit cards. Lindstrom said her organization is working
to educate college students on financial responsibility and how to be
a good consumer with a credit card. Lindstrom’s organization also
wants to give students the option to prevent universities from
releasing their names to credit card companies.

Rep. Jeb Hensarling (R-Texas) reminded the committee that college
students are adults and though they often use credit cards for
inappropriate purchases, Congress should not deny them their right of
economic freedom. Hensarling said he fears that a solution would have
unintended damaging effects and suggested toughening anti-fraud laws
that prevent minors from being given credit cards. Brett Thurman, the
student-body president of the University of Illinois at Chicago,
stated that students’ issues are directly linked to high educational
costs and that credit card companies should not be able to give cards
to students that have no annual income.