Washington, DC—Senate Majority Leader Harry Reid made the following statement today after President Obama signed the Credit Card Accountability, Responsibility and Disclosure Act:
“For too long, credit card companies have taken advantage of their customers with hidden charges and misleading terms. With Congress’ action this week and President Obama’s signature today, those abuses will soon end.
“We are protecting consumers from excessive fees, ever-changing interest rates and complex contracts seemingly designed to do one thing above all – to keep people in debt. This bill cleans up the fine print so consumers can keep our economy moving and can’t get blindsided by their credit card companies.
“This bill will not only level the playing field and keep the rules consistent from beginning to end – it can also save families thousands of dollars a year. And it is just the latest example of how Democrats are looking out for Main Street. In the last few weeks, we have cracked down on corporate fraud and mortgage scams, reined in out-of-control government contractors who waste taxpayer money, and helped more struggling homeowners keep their homes.”