Thursday, April 23, 2009
President Barack Obama says he will push for a law to provide "strong and reliable" protections for the millions of Americans who have credit cards.
The president on Thursday outlined his priorities after meeting with chief executives of the credit-card lending industry.
Obama said he wants legislation that will prevent consumers from facing a sudden, surprising rise in fees. He said credit-card companies must publish their forms in plainspoken language. The president said companies must make it easier for people to do comparison shopping and said there must be greater enforcement so that violators feel the "full weight" of the law.
Both the House and Senate are working on versions of such a law.