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Obama Signs Credit Card Law; Edwards Calls It “Great News" For Families”
President Barack Obama Friday signed a bill creating new rules for credit card companies that Central Texas Congressman Chet Edwards says “will put an end to unfair credit card practices that have gouged individuals and families for years.”’
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WASHINGTON (May 22, 2009)--President Barack Obama signed a bill Friday creating new rules for the credit card industry that are designed to protect consumers from surprise charges.
Mr. Obama signed the legislation Friday at a White House ceremony in the Rose Garden.
The overhaul was opposed by many financial companies, but cleared Congress with broad support.
The president said the legislation aims to help trapped consumers get out of the "one-way street" that credit often becomes.
He urged people to act responsibly, and not buy more than they can afford, but said change was needed to force credit card companies not to take advantage.
Rep. Chet Edwards, D-Waco, called the bill “great news for Texas families.”
“This law will put an end to unfair credit card practices that have gouged individuals and families for years,” Edwards said.
“After years of being blocked by special interests and big Wall Street banks, we finally have a common sense law that will protect hard-working families from deceptive credit card practices that deepen the debt crisis in this country.”
