Obama Wants Credit Card Relief Bill by Memorial Day

By Newser Editors and Wire Services
Posted May 9, 2009 7:31 AM CDT
Treasury Secretary Timothy Geithner listens as President Barack Obama makes remarks at the White House, April 23, 2009, after meeting with representatives of the credit card industry.    (AP Photo/Gerald Herbert)
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(Newser) – Putting himself on the side of fuming consumers, President Obama is pushing for Congress to send him legislation by Memorial Day that would immediately reign in the credit card industry, he said in his radio address this morning. The House has passed a bill banning several predatory practices, but it doesn’t take effect until next year—and there's no certainty Congress will deliver relief by the end of the month.

Credit-card executives maintain that new restrictions could backfire on consumers, making it harder for banks to offer credit. They say the current House legislation goes far enough. Obama disagrees. "There is no time for delay,” he said. “We need a durable and successful flow of credit in our economy, but we can't tolerate profits that depend upon misleading working families. Those days are over."