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Obama vows to push for credit card reform

Published: 23/04/2009 05:00

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U.S. President Barack Obama said on Thursday that his administration will push for strong and reliable protections for credit card consumers.

People walk past an ATM on a street in Manhattan, New York, the United States, April 23, 2009. President Obama said on Thursday he will push for a law to provide “strong and reliable” protections for millions of Americans who have credit cards after meeting with chief executives of credit-card leading industry. (Xinhua/Liu Xin)

“We want to preserve the credit card market but also want to do so in a way that eliminates some of the abuses and some of the problems that a lot of people are familiar with,” Obama said.

“I think that there has to be strong and reliable protections for consumers,” said the president after a meeting with executives of the credit-card industry.

Many U.S. consumers complained the high-fees of credit card companies. The House Wednesday approved a bill that would stop credit card issuers from imposing arbitrary interest rate increases and penalties, while halting certain billing practices.

VietNamNet/Xinhuanet

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