Dear Neighbor,

The news in these dog days of late summer is almost all about health care.

Everyone agrees that America's health care 'system' is broken. Too many people pay too much for coverage, too many others can't afford any coverage, and overall our nation pays more for a health care system whose results are worse than other industrialized nations. It's wrong, it's been that way for far too long, and finally the stars are aligning in Washington to do something about it.

The House majority has proposed H.R. 3200, the American Affordable Health Choices Act, which builds on what works in our health care system and fixes what’s broken. It's been an unprecedented collaboration among three committees to produce a plan that lowers costs, provides better care for patients, and ensures fair treatment of consumers by the insurance industry.

The bill addresses the needs of all Americans, including the nearly 50 million Americans who are uninsured, by maintaining the freedom to chose individual health providers, improving care, and increasing choice and competition with a new public option which would, as President Obama puts it, "keep the insurance companies honest." I am a strong supporter of a public option, along with Speaker Pelosi and the House Democratic leadership.

To those who say we cannot afford to take these actions in the current economy because it will cost too much and vastly increase the budget deficit, I say we can’t afford NOT to. The growing cost of health care is one of the biggest drags on our economy and an untenable burden for too many households and businesses.

To those who say this is an unprecedented government intrusion into the lives of Americans, I say that health care is a right that the existing system clearly hasn't adequately addressed.

To those who say that health care is the most important public policy issue of our generation, I agree. I've long been a cosponsor of single-payer legislation; but with that approach off the table in this debate, I will strongly support the House bill with the public option.

As a nation, we've been talking about national health care since Harry Truman was President in the 1940s and it’s time to finally get it done. I'm proud to be a part of the effort.

Dear Neighbor,

It's been a busy two weeks. Much has happened in Congress since my last E-newsletter which celebrated the signing of my credit card reform bill by President Obama (seen in the photo below right):

--My legislation that would provide federal employees with four weeks of paid parental leave after the birth or adoption of a child passed the U.S. House of Representatives by a margin of 258-154.

--The Joint Economic Committee, which I chair, issued a report on the impact the recession is having on working women; and also heard tesimony-- in seperate hearings-- from Federal Reserve Chair Ben Bernanke, Obama Council of Economic Advisers Chair Christina Romer, and Congressional Oversight Panel Chair Elizabeth Warren.

--I joined with House Financial Services Chairman Barney Frank and Financial Institutions Subcoimmittee Chair Luis Gutierrez in calling on the Federal Reserve to more effectively curb overdraft abuses at the nation's banks.

Those and other items of interest are explained below.

This week, President Obama will be releasing a plan to restructure financial services regulation and Congress will begin to roll out health care reform proposals-- more on those in upcoming enewsletters.

I must note with sadness the passing of journalist Lambros Papantoniou in late May. As a journalist covering issues important to the Hellenic community for over 20 years, Mr. Papantoniou was a prominent voice in Washington, D.C. His journalism was characterized by integrity and tenacity, and he was relentless in his quest for the truth from government officials on their positions on FYROM, Cyprus, the Ecumenical Patriarchate, and other issues of great importance to the Hellenic community. His presence will be sorely missed by those who have come to know and work with him over the years. Our sincerest condolences go out to his family and friends.

Dear Neighbor

Today, President Obama signed HR 627, my credit card reform bill.

So if you’ve got a credit card, help is on the way-- and help is sorely needed.

When I became Chair of the Subcommittee on Financial Institutions and Consumer Credit in 2007, I began to draft the legislative language that became “The Credit Cardholders’ Bill of Rights,” which first passed the House last September, then again last month, and passed the Senate last week.

I have to tell you, it was a long and bumpy road. Some credit card issuers fought these reforms every step of the way—and they were still at it as recently as Tuesday, claiming these reforms will hurt consumers and result in increased interest rates and reduced credit availability.

But who are they kidding? They’ve already been cutting credit lines and raising rates as a result of the overall financial crisis.

Let’s be clear about what Congress and President Obama have done: we have banned practices which the Federal Reserve has declared ‘unfair’ ‘deceptive’ and ‘anti-competitive’.

The first of these reforms—45 days’ notice of rate hikes and 21 days’ notice of your monthly balance—will take effect in 3 months.

In another 6 months, the bulk of the remaining reforms will kick in, including:

-- A ban on interest rate hikes on existing balances;

-- A ban on so-called ‘pay-to-pay’ fees, charges just to pay your bill by phone, internet or electronic transfer;

-- A requirement that consumers affirmatively opt-in for an over-limit fee program;

-- A requirement that card agreements be posted on the web.

Wherever I’ve gone in the 2 ½ years I’ve been working on this bill— in New York or Washington or even, once, while I was on vacation with my family— people have come up and told me their credit card horror stories. I know my bill will help curb the worst of these practices and level the playing field between card issuers and cardholders.

What’s next? Well, the FDIC has reported that many major banks automatically enroll customers in so-called “overdraft protection” programs which incur median average fees of $27 for each overdraft. That means if you swipe a debit card for a $3 cup of coffee, it could become a $30 cup of coffee if you aren’t careful!

My bill on overdraft protections would bring such overdraft “protection” plans under the Truth in Lending Act, and require banks to have customers affirmatively opt-in to protection plans, with full disclosure of fees and practices. It’s already been the subject of a Subcommittee hearing, and I hope we can move it through the full Financial Services Committee in the months ahead.

It’s going to be at least as bumpy a ride as credit card reforms were, but I know we can make it happen!

Please feel free to share this email with anyone who may be interested in these issues.  As always, I appreciate your comments and invite you to write to me through my website.

Sincerely,

CAROLYN B. MALONEY
Member of Congress

P.S. If you’d like to hear more about HR 627, please listen to a podcast of my floor speech during Wednesday’s debate on Senate amendments here.

P.P.S. Please do not respond to this unattended email account, but instead click here if you would like to send me a message. I look forward to hearing from you!

Dear Neighbor,

The House has just passed its version of President Obama's budget. It's a budget that is a blueprint for economic recovery and new jobs now—and sustainable economic growth and prosperity for years to come.

For the first time in years, America will have a budget puts the U.S. on track to cut the deficit by nearly two-thirds; cuts taxes for middle class Americans; creates and saves American jobs with investments in health care, clean energy, and education; and reduces spending to its lowest level as a percent of the economy in half a century.

The budget has been criticized for being too big-- but it's big because it needs to be. In the face of the misplaced priorities of the last eight years, and the financial panic Washington has been dealing with for months, there is a lot to do.

I'll have more to report once the budget is reconciled with the Senate version and is made final; meanwhile, what follows in this edition are reports on other issues Congress is addressing.