Foster focusing on economic issues

Trying to solve the mortgage and credit card debt crises has dominated U.S. Rep. Bill Foster’s first two months in Congress, the former Fermi National Accelerator Laboratory physicist told the Batavia Chamber of Commerce on Friday.

Foster, who defeated Aurora Republican James Oberweis in a special election to serve the remainder of retired U.S. Rep. Dennis Hastert’s term, will face Oberweis again in November to represent the 14th District for a full two-year term.

Foster said he’s using his place on the House Financial Services Committee to protect consumers from some credit card companies’ cutthroat business practices. He advocates standardizing service contracts across the industry rather than letting each company write its own.

“There are a lot of ‘gotchas’ like double-cycle billing buried in the fine print that nobody ever gets the chance to read,” he asserted. “I don’t want to have the situation where credit card companies are competing with each other over who has the cleverest fine print.

“There’s a lot to be done to protect credit card consumers.”

He also hopes to push legislation regulating “payday loan” businesses that offer short-term, high-interest loans in low-income neighborhoods.

“Payday loan companies are an end run around the usury laws. They’re siphoning money from communities that can least afford it,” he said.

Even stalwart Republicans at the Chamber of Commerce breakfast meeting praised Foster’s speech.

“He’s a very personable guy and very intelligent,” said Kane County Board member Thomas Van Cleave, a Republican. “He’s got to learn the position, but he has a lot of good ideas.”

“He didn’t say anything I had a problem with,” added Batavia Mayor Jeff Schielke.