WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the House Financial Services Committee approved the Credit Cardholders’ Bill of Rights with bipartisan support:
“As we continue to help Americans struggling in this recession, the Credit Cardholders’ Bill of Rights is a critical part of those efforts. This bill provides needed protection for consumers from unfair and arbitrary practices employed by credit card companies. Hardworking Americans should not be subjected to sudden and unannounced interest rate increases, unfair and excessive penalties and fees, and other gimmicks that put credit card holders at a considerable disadvantage.
“I expect to bring this bill to the House Floor for a vote next week, and I hope that we will complete work quickly so that President Obama can sign it into law.”