Schumer Urges Fed to Accelerate Credit Card Reforms Under Legislative Threat

The Hill 
October 21, 2009
Brush, Silla

Congressional Democrats have warned the Federal Reserve that if it does not move on its own to more quickly implement new credit card restrictions, they will take the legislative route to force the central bank into action. President Obama signed into law this spring new rules intended to rein in abusive practices by credit card issuers, but many of the more significant components of the measure do not take effect until February or April of next year. "If [Fed] Chairman [Ben] Bernanke will not act to speed up the effective date of these credit card reforms, we should quickly pass legislation in both the House and Senate to do so," declared Sen. Charles Schumer (D-N.Y.). The House Financial Services Committee has already drafted a bill that would re-set the implementation date to Dec. 1; it is expected to mark up that legislation on Oct. 22.

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