On January 25, 2007, the US Senate Committee on Banking, Housing and Urban Affairs heard testimony on the issue of credit card company policies and their effect on the American consumer. The hearing opened with testimony from HLS Professor Elizabeth Warren, a leading bankruptcy expert and consumer protection advocate.

Director of the law school’s Bankruptcy Project, Warren is author of “The Two Income Trap: Why Middle Class Mothers and Fathers are Going Broke.” One of several experts called upon to speak about credit card company practices, Warren testified that the current lack of industry regulation allows for sky-rocketing fees and penalities to be charged to the consumer. Click here to read Warren’s testimony. (pdf file)