Obama Talks Credit Card Reform in Weekly Address

2 years ago

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In his weekly internet and radio address, President Obama urges Congress to pass a credit card reform bill that would prevent companies from instituting sudden rate hikes, unfair penalties, and hidden fees. The president says abuses by credit card companies have multiplied during the recession, saddling Americans with an extra burden during tough times.

It is past time for rules that are fair and transparent. That is why I have called for a set of new principles to reform our credit card industry. Instead of an "anything goes" approach, we need strong and reliable protections for consumers. Instead of fine print that hides the truth, we need credit card forms and statements that have plain language in plain sight, and we need to give people the tools they need to find a credit card that meets their needs. And instead of abuse that goes unpunished, we need to strengthen monitoring, enforcement, and penalties for credit card companies that take advantage of ordinary Americans.

To help credit begin flowing again quickly, Obama calls on Congress to pass the bill by Memorial Day.

Watch the full address:

Click here for a transcript.

Filed Under: Democrats, Barack Obama, Media, Videos of the Week, Obama Administration

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