Obama: ‘No time for delay’ on credit card reform
By Raw Story
US President Barack Obama on Saturday renewed his appeal to Congress to pass a credit card reform bill that would outlaw sudden interest rate increases, hidden fees and what the White House calls “unfair penalties.”
“There is no time for delay,” Obama said in his weekly radio address. “We need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend upon misleading working families.”
The president urged Congress to finish working on the bill in coming weeks so that he could sign it into law by Memorial Day, which will be celebrated in the United States on May 25.
The “Credit Cardholders Bill of Rights” seeks to shield consumers from misleading small print in card contracts, empower cardholders to set their own credit limits, and require companies to fairly allocate payments.
The measure also targets practices like marketing credit cards to minors, bans interest rate increases on existing balances and requires 45-day notice to raise interest rates on future purchases.
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