Credit Cards in UNITED STATES? President Obama spoke about the need for reforms in the sector of credit cards, and calls on Congress to approve comprehensive legislation. Today, President Obama attended a public meeting in Rio Rancho, New Mexico in which he spoke of the need for immediate reforms in the credit card industry and its commitment to the enactment of the Bill of Rights for Users of Cards credit, the latest for the Memorial Day.
Americans need the credit to flow continuously and successfully in our economy, but we can not tolerate profits that depend on deceive working families. For too long, credit card contracts are deceptively complex, which often leads consumers to pay more than is reasonable, due to unfair practices. Each year, Americans pay some $ 15,000 million in fines. Nearly 80 percent of American families have a
credit card, and 44 percent of families keep a balance from month to month on their credit cards.
“It is time for strict protection and reliable for our customers. It is time to make reforms that are based on transparency, accountability and mutual responsibility, values for the new foundation with which to build our economy, “said President Obama, according to his prepared speech.
In the Senate, and during the campaign, President Obama proposed steps to enhance consumer protection in the market for credit cards. And just last month met with representatives of the credit card industry to discuss the impact of the current economic crisis on consumers. The Federal Reserve has taken the first step to improve the information that is disclosed and to end unfair practices. This week, under the leadership of Congressman Dodd as chairman of committee, the member of the minority senior Shelby and Senator Levin, the Senate submitted to a legislative proposal to codify the very good standards and make more stringent. The House of Representatives, based on the work of Congressman Frank as chairman of the committee and Congress Maloney and Gutierrez, has already approved such a measure is supported by both parties. Today, President Obama urged Congress to take the final steps to pass a bill to reform credit card industry to protect consumers and that can be passed for Memorial Day Contac Me Technorati Profile.