Consumers under the age of 21 will be required to have a co-signor, or be able to prove they have independent means of paying their bills. It also limits prescreened offers of credit to young consumers, and places limits on credit card marketing to students.

The bill is clearly intended to strike back at evil credit card companies and banks, which apparently can’t make a profit despite their predatory practices. By restricting the ability to do business with those under 21, credit companies will find it even harder to return to the black.

But the bill is also an insult to college students, the nation’s best and brightest, who are now being told by Congress that they aren’t smart enough to be trusted with a Visa card. Those who are old enough to drive, live on their own, or serve in the military aren’t considered mature enough to say, “charge it.” Responsible young people will be penalized because of the actions of others who used credit irresponsibly.

We all know stories about college students running up bills by over-charging on newly acquired plastic. I suspect those so pre-disposed would have demonstrated poor spending habits later in life anyway.

For me, the acquisition of credit was a valuable lesson I was fortunate to receive. Like many boys, I had a paper route, necessitating a checking account at the age of ten. When I was fourteen, I applied for and received a Dayton/Target credit card. The account had a fifty dollar limit, which I often maxed out. But it taught me how to spend wisely and pay my bills on time, with the dreaded interest rate experience included for good measure.

A couple of years later, I received a Sears credit card. This one had a whopping two hundred dollar limit, which I handled with care. During college I worked at Sears briefly and found I was the only employee in the catalog department who actually had a Sears card. I was told Sears was very selective about who received credit, and even the assistant manager had been deemed unworthy by the Sears credit people.

That was a long time ago, and I no longer have a Dayton’s or Sears credit card. But I am still proud to have a credit history dating back to my teenage years. I wish more of today’s youth could have that experience. But Congress has just deemed them untrustworthy.