Pelosi Hails House Passage of Landmark Legislation to Protect Consumers and Curb Credit Card Abuse

Pelosi Hails House Passage of Landmark Legislationto Protect Consumers and Curb Credit Card Abuse

Wednesday, May 20, 2009

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

Washington, D.C. - Speaker Pelosi issued the following statement on the Credit Cardholders' Bill of Rights Act, which passed the House this afternoon by a vote of 361 to 64. The Senate passed the bill yesterday and it now goes to President Obama, who is expected to sign it into law later this week.

â€Å"The Credit Cardholders' Bill of Rights is historic legislation that protects American consumers against sky-high interest rates, excessive fees and other unfair practices of some credit card companies. For too long, credit card companies have unfairly profited at the expense of responsible, hardworking Americans who pay their bills on time, and manage their household finances sensibly.

â€Å"These bipartisan consumer reforms also require greater transparency in credit card payment terms and 45-days notice before there is any interest rate increase. This will allow consumers to make informed choices about how best, and whether, to use a credit card, or to shop around for better terms.

â€Å"It is unfortunate that some in the Senate delayed this critical legislation by offering unrelated amendments that undermine our nation's gun safety laws. There is no compelling argument for replacing the Reagan Administration's rules regarding guns in National Parks, and certainly not as part of legislation designed to protect Americans during difficult economic times.

â€Å"The Credit Cardholders' Bill of Rights will give consumers the rights and information they need to make educated decisions about their financial lives and could save some families thousands of dollars.

â€Å"I commend the excellent work of Financial Services Committee Chairman Barney Frank and the perseverance of Congresswoman Carolyn Maloney, who spearheaded this legislation from its inception into enactment, and who has been a tireless advocate for the rights of consumers. I look forward to seeing President Obama sign this landmark consumer protection legislation into law.”