PROTECTIONS

Obama Demands Credit Card Reform

Obama is certainly keeping Congress busy: He called Saturday morning for a credit card reform bill by Memorial Day to ramp up consumer protections to stop Americans from being “ripped off” by companies. This week, the House voted to limit credit card companies’ ability to change interest rates, and it will likely follow the president’s orders to pass another, stronger bill to protect consumers even further. “Instead of an 'anything goes' approach, we need strong and reliable protections for consumers,” Obama said in his weekly video address. “Instead of fine print that hides the truth, we need credit card forms and statements that have plain language in plain sight.”