March 01, 2007

Statement of Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs on Citigroup Decision on Credit Cards

Washington, D.C. - “I commend Citigroup for taking this positive step to reform their credit card practices. As I’ve stated previously, I believe credit cards have an important role to play and that they are a valuable and important tool to help consumers build more financially secure and prosperous lives. However, a number of practices within the credit card industry have in many cases weakened rather than strengthened consumers’ financial well-being as they strive to attain financial security and prosperity. “Citigroup’s decision today is a positive step that I would urge other issuers to take. I will continue to consider what steps we in the Congress can and should take to ensure that financial services like credit cards are a more consistent and reliable tool for consumers as they strive to build more secure and prosperous lives in our free market system.”