THE WHITE HOUSE
Office of the Press Secretary
FOR IMMEDIATE RELEASE April 30, 2009
Today, under the leadership of Representatives Barney Frank, Carolyn
Maloney, and Luis Gutierrez, members of both parties in the House of
Representatives came together to protect American consumers, paving the
way toward real, meaningful credit card reform. While Americans have a
responsibility to live within their means and pay what they owe, credit
card companies have a responsibility to set rules that are fair and
transparent. The principles I have long supported would help ensure
that these responsibilities are met: strong and reliable consumer
protections; credit card forms and statements that have plain language
in plain sight; tools that can help people make an informed choice
about what credit card to use; and beefed up monitoring, enforcement,
and penalties. And building on what we have achieved today, I will work
with Congress in the weeks to come so that I can sign a credit card
reform bill into law that upholds these principles and upholds the
interests of the American people.
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