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FRIDAY, NOVEMBER 27, 2009
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Obama Signs Credit Card Bill Into Law

Prez 'has ushered in a new era' of consumer protections: Dodd

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(Newser) – President Obama signed a landmark bill into law today limiting the fees and interest rates credit card companies can impose, the Washington Post reports. "Just as we demand credit card users act responsibly, we demand that credit card companies act responsibly too," said Obama at the Rose Garden signing, joined by consumer advocates and lawmakers from both sides of the aisle.

When it takes effect in 9 months, the law will prevent companies from raising interest rates unless a cardholder is late 60 days. Even then, companies will return to the original rate after 6 months of prompt payments. And higher-than-minimum payments will automatically go to debts with the greater interest rate. Credit card executives say the law will force them to impose higher rates and annual fees on all users.

Rep. Carolyn Maloney, D-N.Y. and Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., hold up pens President Barack Obama used to sign the new credit card law.
Rep. Carolyn Maloney, D-N.Y. and Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., hold up pens President Barack Obama used to sign the new credit card law.   (AP Photo/Charles Dharapak)
Lawmakers look on as President Barack Obama signs the Credit Card Accountability, Responsibility and Disclosure Act, Friday, May 22, 2009, in the Rose Garden of the White House in Washington.
Lawmakers look on as President Barack Obama signs the Credit Card Accountability, Responsibility and Disclosure Act, Friday, May 22, 2009, in the Rose Garden of the White House in Washington.   (AP Photo/Charles Dharapak)
President Barack Obama arrives in the Rose Garden of the White House in Washington, Friday, May 22, 2009,for the signing of the Credit Card Accountability, Responsibility and Disclosure Act.
President Barack Obama arrives in the Rose Garden of the White House in Washington, Friday, May 22, 2009,for the signing of the Credit Card Accountability, Responsibility and Disclosure Act.   (AP Photo/Haraz N. Ghanbari)
President Barack Obama gestures before signing the Credit Card Accountability, Responsibility and Disclosure Act, Friday, May 22, 2009, in the Rose Garden of the White House in Washington.
President Barack Obama gestures before signing the Credit Card Accountability, Responsibility and Disclosure Act, Friday, May 22, 2009, in the Rose Garden of the White House in Washington.   (AP Photo/Haraz N. Ghanbari)
President Barack Obama is applauded by lawmakers as he approaches the signing table prior to signing the Credit Card Accountability, Responsibility and Disclosure Act, Friday, May 22, 2009/
President Barack Obama is applauded by lawmakers as he approaches the signing table prior to signing the Credit Card Accountability, Responsibility and Disclosure Act, Friday, May 22, 2009/   (AP Photo/Gerald Herbert)
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With the signing of this bill, President Obama has ushered in a new era where consumer protections will be strong and reliable, rules transparent and fair, and statements clear and informative. - Sen. Christopher J. Dodd, bill co-author

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13 comments
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tameesha_sharpton
May 22, 09 7:36 PM CDT
Credit card executives say the law will force them to impose higher rates and annual fees on ALLl users. AND credit card users will be forced to use cash or find a card that doesn't have annual fees. Reply
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IN RESPONSE:
Fondue
May 22, 09 8:11 PM CDT
Either you or the CC execs can't read. Which is it? And, why do you think it only affects alli users? They're just trying to lose weight.
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-1
IN RESPONSE:
freethemall
May 22, 09 11:43 PM CDT
Use cash?! What a radical notion! Actually they could use a debit card if they had a bank account. What peeves me, is when I'm standing in a grocery store check-out line, in a hurry, only to be held up by someone writing a check. Come on!
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0
mmax
May 22, 09 7:57 PM CDT
Yeah, and auto executives said that producing cars with seat belts and airbags would raise the price of a car to where normal people couldn't afford one. We know how true THAT one turned out to be... Reply
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+3
Fondue
May 22, 09 8:17 PM CDT
Another little tidbit about the bill -- gun owners can carry loaded guns into National Parks. Sen. Tom Coburn, R-Okla., and other pro-gun lawmakers pushed a vote on that amendment before the Credit Card Bill of Rights passed the Congress. Coburn, when asked today what the Credit Cardholders' Bill of Rights has to do with guns, responded: "Easy. ... It's not about guns. It's about states' rights, being able to determine what is in the best interests of them and it's about the Second Amendment and it's not about bureaucrats telling Americans when their rights will be taken away." ---abcnews Reply
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