May 20, 2009

DODD PRAISES HOUSE PASSAGE OF HIS COMPREHENSIVE CREDIT CARD REFORM LEGISLATION

Bill to Establish Strong Consumer Protections Now Goes to President Obama

WASHINGTON, D.C. – Senator Chris Dodd (D-CT), the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and the author of, released the following statement after the House approved his legislation that will put an end to the abusive practices employed by credit card companies. 
 
“I applaud the House for adopting our tough crackdown on the credit card companies and thank President Obama for his leadership on this issue. This cements a victory for every American consumer who has ever suffered at the hands of the credit card industry. Many Americans depend on credit cards to get by in this economy, and today they have won a giant victory that ensures they are protected from practices that would drive them further into debt, while also making our economy stronger.”       
 
Dodd’s Credit Card Accountability, Responsibility, and Disclosure Act was passed by the Senate yesterday by a vote of 90-5 and will now go to President Obama for his signature. 
 
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