Press Releases
Currently showing results related to Consumer and Financial Protection
Durbin Moves to Bring Down Credit Card Costs
[WASHINGTON, D.C.] - Assistant Senate Majority Leader Dick Durbin (D-IL) today introduced legislation to allow large and small businesses to negotiate directly with credit card companies to reduce the interchange fees that are charged on every credit card transaction. "Higher interchange fees mean higher costs for retailers and consumers," said Durbin. "Every time you make a purchase with plastic, the bank that issued your credit card gets a cut of the sale amount. American businesses and consu… Continue Reading
05.19.09
Durbin Statement on the Passage of the Credit Card Accountability, Responsibility and Disclosure Act
[WASHINGTON, D.C.] - Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement today after the Senate passed the Credit Card Accountability, Responsibility and Disclosure Act. This bill establishes strong consumer protections by preventing unfair interest rate increases and exorbitant fees; enhancing consumer disclosures; protecting young consumers; and strengthening oversight of credit industry practices. "For too long, the credit card industry has taken advantage… Continue Reading
05.06.09
Mortgage Foreclosures
Delivered on the floor of the United States Senate Madam President, there was a debate last week on the floor of the Senate about the mortgage foreclosure crisis facing America. It was estimated a year ago we were going to lose 2 million homes to mortgage foreclosure. The new estimate from Moody's is 8 million homes. What does that mean? It means one out of every six home mortgages will face foreclosure. That is a national crisis. It is at the heart of this recession. The problem,… Continue Reading
05.05.09
Durbin Statement on Announcement of New CPSC Nominees
[WASHINGTON, D.C.] - Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement today after President Obama announced his intent to nominate Inez Tenenbaum as the new Chair of the Consumer Product Safety Commission (CPSC) and Robert Adler as a new CPSC Commissioner. The President also announced a 71 percent funding increase for the consumer safety agency over President' Bush's FY07 budget; a nearly $2 million increase over the funding democrats secured last year. "W… Continue Reading
04.24.09
Durbin, Schumer, Kennedy Ask Treasury to Support Creation of a Financial Product Safety Commission
[WASHINGTON, D.C.] - Assistant Senate Majority Leader Dick Durbin (D-IL), Senator Chuck Schumer (D-NY) and Senator Ted Kennedy (D-MA) released a letter to Treasury Secretary Tim Geithner today, encouraging him to include their proposed Financial Product Safety Commission in the Administration's plans for financial market reforms. "[T]here is no reason for us to have regulations that prevent toasters from exploding into flames, but no protections to prevent mortgages and credit cards from doi… Continue Reading
03.27.09
Durbin Blasts CPSC Chair for Recent Comments Criticizing New Consumer Safety Laws
[WASHINGTON, D.C.] - Assistant Senate Majority Leader Dick Durbin (D-IL) sent a letter to Nancy Nord, Acting Chairman of the Consumer Product Safety Commission (CPSC) today, expressing concern with her recent comments criticizing new legislation, and showing continued resistance to modernizing and reforming the much maligned agency she leads. "Recent comments you have made in the press and in letters to Congress regarding the Consumer Product Safety Improvement Act (CPSIA) show your continue… Continue Reading
03.10.09
Congress Gives Approval to Nearly $230 Million in Funding for Illinois Projects
[WASHINGTON, DC] - Assistant Senate Majority Leader Dick Durbin, a member of the Senate Appropriations Committee, announced the Omnibus Appropriations Act that was approved today by Congress includes $229,727,154 in funding for Illinois projects. SELECTED HIGHLIGHTS: CHICAGO TRANSIT ($36 MILLION): Today's legislation includes over $36 million in funding to create a new transit line, the Circle line, in Chicago and expand transit service along the Chicago Transit Authority (CTA) Ravens… Continue Reading
03.10.09
Durbin, Members of House and Senate Introduce Legislation to Protect Consumers from Unfair Credit Practices
[WASHINGTON, D.C.] - Assistant Senate Majority Leader Dick Durbin (D-IL) introduced legislation today to create the Financial Product Safety Commission - a single government agency in charge of ensuring that the offering of financial products to consumers is responsible, accountable, and transparent. Joining Durbin as cosponsors were Senator Chuck Schumer (D-NY), Senator Ted Kennedy (D-MA) and Representatives Bill Delahunt (D-MA) and Brad Miller (D-NC). "It's time to put the needs of America… Continue Reading
03.03.09
Durbin, Gregg, Bipartisan Group of Senators Introduce Comprehensive Bill to Reform FDA's Food Safety Systems
[WASHINGTON, D.C.] - U.S. Senators Dick Durbin (D-IL), Judd Gregg (R-NH), Ted Kennedy (D-MA) and Richard Burr (R-NC) today introduced bipartisan legislation that will dramatically improve the way the Food and Drug Administration (FDA) protects the safety of the nation's food supply. The FDA Food Safety Modernization Act will give the FDA new authorities, tools and resources to comprehensively reform the nation's food safety systems. The bill is also cosponsored by Senators Chris Dodd (D-CT), Lam… Continue Reading
02.26.09
Durbin Introduces Bill to Crack Down on Excessive Interest Rates and Fees
[WASHINGTON, D.C.] -U.S. Senator Dick Durbin (D-IL) introduced the Protecting Consumers from Unreasonable Credit Rates Act today - a bill to eliminate the excessive rates and fees that some consumers are charged for payday loans, car title loans and other types of credit. "Within blocks of my home in Springfield, Illinois, there are payday lenders charging interest rates of two and three hundred percent of the value of the loan," Durbin said. "These excessive rates are often hidden and can ha… Continue Reading
10.28.08
Durbin Statement on Final Approval of Long-awaited Internet Code of Conduct
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) released the following statement today after a number of the largest internet companies, human rights organizations and other stakeholders finally approved a voluntary code of conduct governing companies' operations in countries where internet freedom is restricted. Durbin noted that Congressional action may still be needed to protect freedom of expression and user privacy. "Freedom of expression is a fundamental right guaranteed to all p… Continue Reading
08.04.08
Durbin Says Internet Giants Close To Agreement On Code Of Conduct
[WASHINGTON, DC] - U.S. Senator Dick Durbin (D-IL) today announced that a number of the largest American internet companies, human rights organizations and other stakeholders have reached agreement on a voluntary code of conduct that would govern internet companies operating in countries where internet freedom is restricted, like China. The participants are now reviewing the agreement for final approval. "I commend Google, Yahoo!, Microsoft, and other participants for agreeing on the princ… Continue Reading
07.21.08
Durbin, Coburn Seek Update on Long-awaited Code of Conduct for Internet Giants
[WASHINGTON, DC] - United States Senators Dick Durbin (D-IL) and Tom Coburn (R-OK) sent a letter today to three internet giants, seeking an update on a long-planned voluntary code of conduct being written by the industry. The code of conduct, which was discussed during a hearing Durbin chaired in May on global internet freedom and corporate responsibility, would regulate the actions of internet firms which operate in countries that restrict internet use and content. Today's letter was sent to th… Continue Reading