…in the form of 56,000 comments received by the Federal Reserve during the comment period for proposed new regulations that would impose new restrictions on the abusive practices of credit card issuers. The comment period, which ended August 4, saw a record number of responses come in to the Fed, almost all in support of the proposed regulations.
The comments file is public information and can be accessed here. It’s sobering to pick a few at random and read the individual stories of ordinary, fiscally responsible Americans who’ve gotten fed up at the capricious and punitive way they’re treated by these companies. With this kind of response, these new regulations seem all but certain to be approved. Democracy in action!