Pelosi Urges Passage of Credit Cardholders’ Bill of Rights

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US House Speaker Nancy Pelosi’s (D-CA) office released the following statement on the Credit Cardholders’ Bill of Rights, which has passed the Financial Services Cmte and will be considered in full by the US House next week.  US Rep. Carolyn Maloney (D-NY) sponsored.

“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.

 “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.”

As previously noted by APB, this bill enacts some of the changes already approved by the federal government to go into effect in June 2010, but would do so earlier.

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