After Obama Meeting With Credit Card CEOs, Menendez Says Credit Card Reform Has Come Due

After Obama Meeting With Credit Card CEOs, Menendez Says Credit Card Reform Has Come Due

Member of Banking Committee wrote letter to Geithner this week urging rate-hike restrictions for TARP recipients, has urged credit card companies to immediately adopt new regulations and is author of Credit Card Reform Act

Washington - U.S. Senator Robert Menendez (D-NJ), a member of the Banking Committee who has been a leading champion for credit card reform, today applauded the case for reform that President Obama laid out in his meeting with credit card company CEOs and said that credit card reform is closer than ever.

Earlier this week, Menendez wrote Treasury Secretary Geithner, urging him to restrict such practices as unilateral rate increases by credit card companies that have received taxpayer money (http://menendez.senate.gov/newsroom/record.cfm?id=311688). In December, he urged the top credit card companies to immediately adopt the new credit card regulations that are scheduled to go into effect in July 2010 (http://menendez.senate.gov/newsroom/record.cfm?id=306131&). Menendez is the author of the Credit Card Reform Act (http://menendez.senate.gov/newsroom/record.cfm?id=308071), and he released the following statement today:

"Credit card reform has come due. Credit card holders need to be on even ground with their credit card companies, and that is even more urgent now, as debt piles up during this economic crisis. From the read-out of President Obama's meeting with the companies today, it is clear that we in Congress and the White House are working on the same track to bring fairness to consumers. Families should no longer feel like a trap door is going to open up beneath them every time they swipe their card, and that's the goal of legislation we are working to pass. This is an idea that has been badly needed for years, and we have a golden opportunity now to make it reality."

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