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

“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.”