President Obama demands of Congress: Send me credit card reform legislation this month

[ClarkUSA]

Day 110: There he goes again... thinking of ways to help The People.

WASHINGTON – Send me a bill that stops credit card companies from taking advantage of consumers, and do it by month's end, President Barack Obama is demanding of Congress.

But there's no guarantee lawmakers will deliver by Memorial Day, and the banking industry is fighting back.

"Americans know that they have a responsibility to live within their means and pay what they owe," Obama said in his weekly radio and Internet address Saturday. "But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common."
Legislation known as the Credit Card Holders' Bill of Rights has passed the House and awaits action in the Senate, possibly in the coming week.

"You shouldn't have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application. And the abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden," the president said.

The House measure would prohibit double-cycle billing and retroactive rate increases, and prevent companies from giving credit cards to anyone under 18.

Obama wants to sign the legislation by Memorial Day. "There is no time for delay. We need a durable and successful flow of credit in our economy, but we can't tolerate profits that depend upon misleading working families. Those days are over," he said.

Railing against what he said was "abuse that goes unpunished," the president stressed the need "to strengthen monitoring, enforcement and penalties for credit card companies that take advantage of ordinary Americans."

Taking this issue to The People is important, so we have another townhall to look forward to next week in New Mexico:

U.S. President Barack Obama will hold a town hall meeting next week in New Mexico to promote congressional efforts to reform credit card practices, the White House said on Friday.

Banks such as Bank of America Corp (BAC.N)>, JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Capital One Financial Corp (COF.N) face a new set of rules issued by the Federal Reserve last year aimed at reining in abusive credit card practices.

The rules are to be implemented by July 2010, a date some lawmakers and consumer groups complain is too far away to help struggling consumers.

U.S. lawmakers are trying to codify those rules in legislation and send it to Obama this month to sign into law. Legislative efforts are aimed at stopping credit card companies from imposing certain late fees, restricting retroactive rate increases, as well as other questionable billing practices and marketing to minors.

Contact Congress and tell them to pass this bill by Memorial Day: https://writerep.house.gov/writerep/welcome.shtml

More information at: White House: http://tinyurl.com/o7ot93

Information on the bills, H.R.627 and S.235, can be found at http://thomas.loc.gov

[HopeOverFear]

1. GOBAMA!

[annabanana]

2. Credit cards should NEVER be extended to kids who are still

in school and have no independent income.. I don't care if they're over 18..

When did they start approving cards to people with no jobs?

[dorkulon]

3. Now watch the senate Dems show their true colors.

This'll be a real stinker, you watch.

[Wednesdays]

4. K&R

:kick:

[The Doctor.]

5. He's gonna wait a whole month?!?

Whatta sellout!

:silly:

[ClarkUSA]

7. lol

;)

[Skwmom]

6. With credit card companies switching to variable rates (prime plus)

don't you think a maximum rate of interest is required in order to have any type of meaningful legislation?

Because of all of the money they are printing for the banking/credit card crooks, inflation is going to hit and when it does the rates on the credit cards are going to soar. Of course, the credit card companies won't be retroactively raising rates because they're charging variable rates of interest.

They really do think we are stupid.