DODD PRAISES HOUSE PASSAGE OF CREDIT CARD REFORM BILL
April 30, 2009
WASHINGTON, D.C. – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and the author of the Credit Card Accountability, Responsibility, and Disclosure Act, today released the following statement after the House of Representatives approved credit card reform legislation:
“Today the House of Representatives has taken a critical step towards ending the deceptive and abusive practices of credit card companies that push hardworking Americans further down the economic ladder. The bill they passed today includes some stronger consumer protections that are included in my legislation.
“I will continue pushing for robust protections for students and other young consumers, a ban on retroactive rate increases, a fair allocation of payments, and tougher penalties for companies that violate the law when the Senate takes up my bill in the coming days, and urge my colleagues to support these vital protections for American consumers.
“This is a unique opportunity to end abusive practices that afflict millions of families across the nation, contribute to our economic recovery, and take a stand for American consumers. Now it is the Senate’s turn to act.”