Obama On Credit Card Reform

This week the President recaps a busy week, from strides on fiscal discipline, to financial stability, to cracking down on tax havens and tax breaks for shifting jobs overseas. For his next big step, he calls for a credit card reform bill: "Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties, and hidden fees that have become all-too common in our credit card industry." Watch Your Weekly Address to hear what he plans to do about it.

Remarks of President Barack Obama
Weekly Address
Washington, D.C.


Good morning. I want to briefly share some news about our economy, and talk about the work that we’re doing both to protect American consumers, and to put our economy back on a path to growth and prosperity.

This week, we saw some signs that the gears of America’s economic engine are slowly beginning to turn. Consumer spending and home sales are stabilizing. Unemployment claims are dropping and job losses are beginning to slow. But these trends are far from satisfactory. The unemployment rate is at its highest point in twenty-five years. We are still in the midst of a deep recession that was years in the making, and it will take time to fully turn this economy around.

We cannot rest until our work is done. Not when Americans continue to lose their jobs and struggle to pay their bills. Not when we are wrestling with record deficits and an over-burdened middle class. That is why every action that my Administration is taking is focused on clearing away the wreckage of this recession, and building a new foundation for job-creation and long-term growth.

This past week, we acted on several fronts. To restart the flow of credit that businesses and individuals depend upon, we completed an unprecedented review of the condition of our nation’s largest banks to determine what additional steps are necessary to get our economy moving. To restore fiscal discipline, we identified 121 p...

Category:

News & Politics

Tags:

• obama
• creditcard
• credit
• card
• banks
• profit
• jobs
• economy
• consumer
• unemployment
• spending
• recession

[luger74]

"black people ruined the world."

Tell that to the Native Americans. Let's see who they think ruined their way of life.

Tell that to the Iraqi children who are getting bombed from the sky from left to right.

Tell that to the Palestinians who are getting their homes bulldozed on a daily basis.

Tell that to the resource exploited 3rd wold countries who are being undermined by foreign energy corporations.

Then ask yourself, who has the power to call these shots from the top?

[jackercrackbox]

YOu suck Obama. Your a false profit if I ever saw one. I have seen nop drop in interest in any credit card I own. The reason why smart people are sending there money over sea's is because the irs has got the hands in there pocket like cancer.

[chiggerno19]

@jagboola I have every right to blame Congress.They debated, on both Floors of Congress, that one of the "unintended consequences" of passing this law, could be that Banks could raise interest rates before the Law went into effect.Further, in Dec of 2009, Congress knew that the "unintended consequences" of banks raising rates, had in fact, occurred and they, again, tried to get the Law to go into effect sooner than Feb, 2010.All this can be verified through the videos of Congress avail on CSpan.

[jagboola]

@chiggerno19 you're blaming the wrong person. Your credit card company was not forced to raise your rate on you they did it because the wanted to get as much money out of you while they still could. Don't blame the guy for trying to fix the the exact problem your dealing with.

[kuhndog52]

LIAR VOTE INDEPENDENT 2012

[chiggerno19]

After your precious Credit Card Act was passed, the interest rates on my Credit Cards DOUBLED!!! even though I have not been late on a single payment, of any kind, in over ten years. If this is your way of helping the American People, please, don't bother next time.

[Jiggamyfigga]

AVOID CAPITAL ONE LIKE THE PLAGUE!!!!

[gamesmaster35]

you can't satisfy some people.Now how you can find fault with this I have no idea.While I would like to see a apr cap this is a good first step.Making credit card companies have to show their terms in plain sight and in plain english... giving you notice before a rate hike and having to have a resonable period for a customer to back out if a rate hike is unresonable.All these things are great boons for the customer.

[skfamily1]

thanks obama, discover just cut their cash back program from 5% to 2%. Brillant work, for those that are responsible. It won't hurt me, but it's sure gonna hurt all your poor voters!

[GoLuckyOops]

Please support The Federal Reserve Transparency Act! Our Congressmen have the right and responsibility to Audit the Federal Reserve. They should have come clean with the American Taxpayers a long time ago. We need transparency.