Pelosi: Credit Cardholders' Bill of Rights Protects Americans Against Unfair and Abusive Practices of Credit Companies

Pelosi: Credit Cardholders' Bill of Rights Protects Americans Against Unfair and Abusive Practices of Credit Companies

Wednesday, April 22, 2009

Contact: Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. â€" Speaker Nancy Pelosi released the following statement on the Credit Cardholders' Bill of Rights, which was approved by the House Financial Services Committee today and will be considered on the House floor next week.

â€Å"The Credit Cardholders' Bill of Rights protects Americans against the unfair and often abusive practices of credit card companies. Americans should never be subject to excessive credit card fees, sky-high interest rates, and unfair, incomprehensible agreements that credit card companies revise at will. But during a recession, with so many families in economic peril, these practices can be devastating.

â€Å"This legislation is a departure from an era of government indifference to anti-consumer practices. I commend Congresswoman Carolyn Maloney for her tenacious work on this legislation in the face of continued opposition from corporate interests. I look forward to a strong, bipartisan vote in favor of the Credit Cardholders' Bill of Rights and to working with the Senate to send this critical pro-consumer legislation to President Obama for his signature into law.”