We applaud President Obama for his leadership in pushing for reforms of credit card industry practices that unfairly strip billions of dollars from America's families each year.
As organizations representing consumers, civil rights groups, small businesses and labor, we urge swift passage of the Credit CARD Act, a bill championed by Sen. Chris Dodd and Sen. Richard Shelby that enjoys broad, bipartisan support.
At today's town hall meeting in New Mexico, the president underscored his belief that strong consumer protections are essential to a sound economy, a lesson we've all learned the hard way from the current mortgage crisis. Passage of this bill would provide much-needed reform and accountability to a system that hurts families when they can least afford it.
We're glad President Obama has reaffirmed his commitment to signing the bill by Memorial Day and urge the Senate to act quickly to meet that deadline.
Campus Progress Action
Center for Responsible Lending
Consumer Federation of America
Leadership Conference on Civil Rights
National Association of Consumer Advocates
National Consumer Law Center (on behalf of its low-income clients)
National Consumers League
National Council of La Raza
Service Employees International Union
For more information contact Travis Plunkett, Consumer Federation of America, 202-387-6121; Ed Mierzwinski, U.S. PIRG, 571-228-6135; Kathleen Day, Center for Responsible Lending, 202-253-4883.