April 29, 2009

DODD WELCOMES TREASURY SECRETARY GEITHNER’S COMMENTS ON CREDIT CARD REFORM

WASHINGTON, D.C. – Senator Chris Dodd (D-CT), the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and author of the Credit Card Act, today released the following statement after Treasury Secretary Geithner’s press conference to discuss credit card reform efforts in Congress: 
 
“I am pleased that Secretary Geithner agrees that putting an end to the abusive practices of credit card companies is a critical part of getting our economy back on track.  Americans do not deserve—and cannot afford—to be pushed down the economic ladder by credit card companies any longer.  Now is the time to stand up for American consumers and force real reforms. 
 
“Many of the protections outlined by Secretary Geithner today are key components of my bill, and I urge my colleagues in the House to pass legislation with the strongest possible protections for consumers.   
 
“I will continue to fight to ensure that the bill we send to the President includes robust protections for students and other young consumers, a ban on retroactive rate increases, a fair allocation of payments, and tougher penalties for companies that violate the law.”
 
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