Though General Motors has made a big deal about allegedly paying back their bailout loan to the federal government, the fact is that most of the bailout money was turned into equity, which means the government — and ultimately the taxpayers — are the majority shareholder in the car maker. That’s why some members of Congress are a little upset about GM’s continued practice of destroying important documents. [More]
As the merger of Worst Company In America 2010 and only-worth-watching-for-Biggest-Loser network NBC continues to limp forward through the bureaucratic maze, a California Congresswoman hinted not so subtly yesterday that the cable giant had contacted her in a not-exactly-professional manner. [More]
While Walgreens may have voluntarily chosen not to sell home genetic testing kits in the face of an FDA investigation, its action has brought attention to the entire for-profit testing industry, and others may not have the luxury to quietly shut down on their own. A congressional committee is looking into the business, and could end up regulating the industry. [More]
Remember the recalled liquid Tylenol and other children’s medicines last month? Or the stinky drugs that were recalled back in January? Or the children’s Tylenol that was recalled last September? The FDA remembers, which is probably why it’s “conducting a company-wide investigation of McNeil Consumer Healthcare’s drug manufacturing practices to determine whether similar problems exist throughout the company.” Also, a date has now been set (May 27) for the House Committee hearing where the CEO and chairman of parent company Johnson & Johnson are expected to testify. [More]
Cash4Gold supports legislation designed to regulate it and its competitors, according to a letter from the company’s president, Jeff Aronson. “Cash4Gold supports HR 4501, the Guarantee of a Legitimate Deal Act, and the provisions outlined in the bill,” Aronson wrote to two congressman who are backing the bill.
The FCC has released a scan (PDF) of the five-page executive summary of the National Broadband Plan that it will present to Congress in two days. Although the summary is packed with recommendations, here’s a couple that a lot of broadband customers might be interested in: the FCC wants to develop “disclosure requirements for broadband service providers” so that consumers can make the best choice for service, and it wants to map broadband services across the country to better identify “specific geographies or market segments” where there’s not enough competition. [More]
In the weeks since it was announced that the U.S. Congress would be holding hearings on the current massive recall of Toyotas, the car giant’s president, Akio Toyoda, had been saying “Thanks, but no thanks,” to the idea of appearing before the Committee on Oversight and Government Reform. And then yesterday, he softened a bit, saying he would consider attending the hearing if given a formal invitation. Well, Mr. Toyoda… Ask and ye shall receive. [More]
Yesterday, four senators introduced legislation to make cell phone early termination fees be actually related to the cost of the phone. [More]
Congress is concerned about the new fees that airlines seem to enjoy piling on their passengers. But not out of any sense of concern for consumers’ wallets. The problem is the lost tax revenue that airports are missing out on when airlines increase their prices through the use of fees instead of by raising fares.
The House version of the health care reform bill passed the House on Saturday night. Now it needs to be merged with some sort fo Senate version of the bill and signed by the President to become law. So how does this reform bill actually affect consumers?
On Tuesday, the House voted to extend unemployment benefits for Americans who live in states where the unemployment rate is greater than 8.5 percent. 400,000 people were set to run out of benefits at the end of September, and will now continue to receive them until the end of the year if the bill passes.
There’s been so much resistance to the proposed Consumer Financial Protection Agency that Rep. Barney Frank, the chairman of the House Financial Services Committee, has proposed a less powerful version of the agency in an attempt to get it passed. Here’s what’s changed:
Today, Reps. Barney Frank and Carolyn Maloney are going to request that the implementation date for the rest of the Credit Card Act‘s rules be moved to December 1st of this year instead of February 2010, after seeing companies “jacking up their rates and doing other things to their customers in advance of the effective date” all summer, reports Mary Pilon at The Wall Street Journal.
Maybe you forgot about the proposed Consumer Financial Protection Agency in all the health care sound and fury, but it’s still out there, and financial companies are still very much against it. Now the U.S. Chamber of Commerce is launching an ad campaign that shifts the focus from credit card companies to smaller businesses that they insist will be affected, although the scope of the proposed agency is still kind of unclear.