Obama’s Credit Card Reform Pledge on Thursday’s Agenda

Posted On: April 23, 2009

By Joe Taylor Jr., CardRatings.com Reporter

Credit card reform tops the agenda at a meeting of banking executives at the White House on Thursday. Treasury officials originally planned the event as a discussion about pending credit card legislation. However, the meeting made front page news when White House officials announced that President Obama will personally address attendees.

Responding to reporters’ questions on April 20th, White House Press Secretary Robert Gibbs suggested that the President may demand credit card legislation that affects all lenders, not just TARP recipients. “I don’t think the anger just is for bailed-out companies,” said Gibbs. “There are companies that aren’t getting money from the federal government that are involved in practices where people see their credit card rates skyrocket unbeknownst to them, or contained in paragraph 14 of some very small writing at the very end of a credit card contract.”

Obama made credit card reform a major plank of his campaign platform, and revisited the message during a March trip to Costa Rica. Officials refuse to speculate about whether Obama will discuss a proposed “Credit Card Holders’ Bill of Rights” at this week’s meeting. The announcement of his presence at the event hints at major changes to credit card regulation on the horizon.

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