Here's what Obama wants from Congress on credit card reform:
Strong and reliable protections for consumers - protections that ban unfair rate increases and forbid abusive fees and penalties.
• All the forms and statements that credit card companies send out have to have plain language that is in plain sight. No more fine print, no more confusing terms and conditions.
• Requirement that all firms make their contract terms easily accessible and provide consumers with the information they need to go online and do some comparison shopping. It also means requiring firms to offer at least one simple, straightforward credit card that offers the strongest protections along with the simplest terms and prices.
• Increased accountability in the system, so that we can hold those responsible who do engage in deceptive practices that hurt families and consumers. This will require beefing up monitoring and enforcement, and also penalties for any violations of the law.
I think there's a good chance he gets a
number of Republican votes on whatever bill emerges from Congress.
I think there's a good chance he gets a number of Republican votes on whatever bill emerges from Congress.