Capital Games

Menendez: Bail out credit-card holders

Sen. Bob Menendez said Tuesday that if the government is going to buy credit-card backed securities, treasury officials should force banks to curb abusive practices.

One practice, known as "universal default," allows companies to declare a consumer in default, and sharply increase interest rates, even if they are making their payments. This can occur when the consumer fails to make payments on another credit account.

"It is particularly important in these hard economic times that consumers aren't slapped with rates, fees and penalties that make their already uncertain financial situations become unmanageable," Menendez said in a news release.

He urged officials "to attach pro-consumer preconditions onto the funds used to buy credit card-backed securities so that card issuers can’t squeeze the public while benefitting from public money.”

Stevens tributes spark a look back

Republicans in the Senate, and a handful of Democrats, lined up today to mark the end of Alaska Sen. Ted Stevens' 40-year career in the chamber.

Stevens, who is awaiting sentencing on charges of providing false information on disclosure forms about renovations a oil services company paid for on his home, said in a brief speech he expected the "cloud" over his name to be removed eventually.

As neither of New Jersey's two senators spoke [or if they did, I missed them], I decided to search the Congressional Record to see how the Senate in 2002 handled the depature of Bob Torricelli, who left under his own cloud.

There were at least six tributes to the Torch between Nov. 18 and 20, 2002. Fellow Sen. and now Gov. Jon Corzine appears to be the only one to address the reprimand for accepting gifts from a contributor that led to Torricelli's withdrawal from his 2002 re-election campaign:

NJ Transit plies Capitol hallways

Leaders of General Motors, Chrysler and Ford were not the only executives pleading for Washington's help with their economic crises last week.

NJ Transit's executive director, Richard Sarles, also joined the leaders of nearly a dozen national transportation agencies educating Congress about an outgrowth of the failure of mega-insurer AIG.

Adler, Lance report to work

The newest members of New Jersey's House delegation, state Sens. Leonard Lance, R-Flemington, and John Adler, D-Cherry Hill, were on Capitol Hill today for orientation.

Lance won the seat being vacated by Rep. Mike Ferguson, R-Westfield, while Adler captured the seat held by Rep. Jim Saxton, R-Mount Holly. Both Ferguson and Saxton decided not to seek re-election.

One of their first actions this morning was to pose for a class photo on the steps of the Capitol, and here's a copy of that photo provided by The Associated Press. I've circled where were Adler and Lance were standing in the big pic and provided a blowup. Adler's the one on the left.

(AP Photo/Susan Walsh)

 
(Detail from AP Photo/Susan Walsh)

Shulman retrospective

Dennis Shulman reflects on his unsuccessful campaign to unseat Rep. Scott Garrett in a diary posted on bluejersey.com this weekend.

In it, he laments that a race that should have been about competing views on energy and stem cell research and taxes and health care became something else.

"Instead, sadly, incredibly, ridiculously, our election was about whether I was patriotic enough or in league with terrorists, and whether Scott Garrett had a farm or just a tax dodge."

Obviously, Shulman did not chose to make the former a focus, but the campaigns focus on the latter was an overwhelming part of his strategy.