Thursday, May 21, 2009

Florida Democratic Party On Credit Card Reform Legislation Signed by President Obama

From the FDP:

Today, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure Act, a bill that protects consumers by cracking down on arbitrary rate increases, misleading terms and excessive fees while also enhancing monitoring and enforcement tools. The legislation passed with wide bipartisan support in both the House and the Senate.

Florida Democratic Party Vice Chair Rhett Bullard released the following statement commending President Obama for enacting such important legislation:

"In signing the Credit Card Accountability, Responsibility and Disclosure Act today, President Obama took an important step in creating strong, reliable, protections for credit card consumers. The bill will require fairness and transparency and will put a stop to practices which have unfairly hit Florida's credit card holders for too long.

"Thanks to the strong leadership of Senator Chris Dodd, the bill won overwhelming bipartisan support. It's because of Senator Dodd's unwavering commitment to protecting American families and consumers that this bill includes such strong protections.

"While we expect consumers to live within their means and pay their bills on time, we also expect credit card companies to be reasonable and fair. Yet in recent years, too many companies have been making outsized profits by imposing unfair rate hikes, penalties, and fees.

"Today I join President Obama and Senator Dodd in saying 'enough is enough.'

"I congratulate the Democratic Congress and President Obama for their leadership on this critical issue and for acting so quickly. These reforms will provide strong protections for Florida's credit card holders by finally cleaning up the fine print and holding companies accountable for misleading practices."

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