Friday, April 24, 2009

Credit Card bill advanced out of Committee

This week, we were able to achieve Committee passage of the Credit Card Bill of Rights, which I am proud to co-sponsor. The bill will be considered on the House floor next week.

The President sat down with credit card executives this week at the White House to ask them to voluntarily change some of their aggressive and unfair policies. This bill puts teeth to that request. The Credit Cardholders’ Bill of Rights protects all of us against abusive practices of credit card companies. The bill addresses the most egregious policies like excessive credit card fees, sky-high interest rates, and unfair, incomprehensible agreements that credit card companies revise at will.

These practices are never acceptable, but are particularly horrible during these hard times when so many families are in economic peril.

For decades the government has let the credit card companies take advantage of their customers. I am proud to stand with Congresswoman Carolyn Maloney (NY-14) who has worked to advance this legislation despite opposition from corporate interests.

This is a very good bipartisan and common-sense bill. I look forward to its passage by the full House next week.