Rochester Business Journal

Senate committee calls RIT prof

JANICE B. PIETERSE, January 23, 2007

    Rochester Institute of Technology professor Robert Manning will testify Thursday before a Senate committee examining credit card industry practices.
    Manning has been called to Washington, D.C., to appear before the Senate Banking Committee, chaired by Sen. Christopher Dodd, D-Conn., which is looking at industry practices and their impact on consumers.
    Manning, author of "Credit Card Nation" and director of the recently established Center for Consumer Financial Services at RIT, said the focus on credit card regulation demonstrates a difference between a Democrat- and Republican-controlled Congress.
    "I am going to focus more on broad issues such as regulatory trends, practices and profitability of the credit card industry, and consequences of rising debt burdens and the end of the housing bubble on the U.S. economy -- American households in particular," Manning said in a statement.
    "Sen. Dodd's hearing will provide a first step in examining the problems of rising finance charges and fees as well as insufficient consumer disclosure," Manning stated. "For many Americans, the outcome of this initial hearing will determine whether rising numbers of families will find themselves in bankruptcy court in the next few years simply due to escalating interest rates."
    Manning served as the editorial adviser for the documentary "In Debt We Trust: America Before the Bubble Bursts," set for release next month.


This story ran on Rochester Business Journal on January 23, 2007.