That's funny: I seem to remember someone saying that President Obama was going to make our credit card jobs disappear. Who was that again? Hmmm....
It's legislation aimed at protecting consumers, but Governor Mike Rounds says it could come with a cost. Congress is calling it the Credit Cardholders Bill of Rights.
It's a bill that would ban a variety of fees, require card companies to give notice of interest rate increases, and lock in introductory rates. Card companies would also be completely banned from marketing credit cards to college age voters and teenagers. If passed the bill wouldn't go into effect for nine months to a year.
..."The intentions may be good, but I'm afraid what they are going to do is cost South Dakota between three and five thousand jobs," Governor Mike Rounds said [Ben Dunsmoor, "Rounds: Credit Card Bill Costly for South Dakota," KELOLand.com, 2009.05.14].
Ah, yes, the Credit Cardholders Bill of Rights. Congress passed this bill with bipartisan majorities (John Thune, Tim Johnson, and Stephanie Herseth Sandlin all fought the bill) and President Obama signed it into law on May 22, 2009. The law took effect on February 22, 2010.
According to the South Dakota Department of Labor, in February 2010, 29,100 South Dakotans were employed in financial activities. In June 2013, the financial sector employed 29,900 South Dakotans. Capitol One should put that number back over 30,000.
Mike Rounds was wrong. President Obama, Congress, and the Credit Cardholders Bill of Rights did not make 5,000 or 3,000 or 1,000 South Dakota jobs disappear.
Related: Ask Capitol One "What's in your wallet?" and they'll have to tell you "$200,000 in corporate welfare that you South Dakotans gave us to train our workers." $200,000 is just a fraction of what Capitol One pays Alec Baldwin to make those funny commercials with the barbarians.