Obama: CC reform bill by Memorial Day
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Obama: CC reform bill by Memorial Day
| Fri, 05-15-2009 - 11:19am |
Obama wants credit card reform bill by Memorial Day
http://televisionwashington.com/floater_article1.aspx?lang=en&t=3&id=10468
US President Barack Obama on Thursday asked lawmakers to pass a credit card reform bill by the end of May, saying such reforms are critical to fixing the nation’s economy.
“It’s time for strong, reliable protections for our consumers. It’s time for reform that is built on transparency and accountability and mutual responsibility,†he said at a town hall event in New Mexico, according to Reuters.
Obama is pressing for legislation that would end some credit card industry practices deemed abusive, such as unfair rate increases and late fees, reports the Associated Press.
“We expect to pay what’s fair and not just what fattens growing profits for some credit card company,†Obama was quoted by Reuters as saying.
The US Senate is expected to vote on credit card legislation later today. Obama said today that he wants a bill on his desk by Memorial Day, 25 May.
White House officials have said that penalty fees now total 15 billion dollars per year, or 10 percent of credit card revenues, reports the Wall Street Journal.
More than 75 percent of American households have a credit card, and some 44 percent carry a balance.


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Nah, I'll just set up autopay with our bank.
http://www.reuters.com/article/reutersComService4/idUSTRE54Q41A20090527
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