Cardholders Deserve More Bargaining Power (Rep. Carolyn Maloney)

Rep. Carolyn Maloney is chairwoman of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.
Credit cardholders are fed up.  That’s the message Capitol Hill offices heard loud and clear yesterday when the Consumers Union delivered 120,000 “valentines

Last week, I introduced The Credit Cardholders’ Bill of Rights (H.R. 5244), legislation that takes a sensible and balanced approach to reforming major credit card industry abuses and improving consumer protections.  My bill fosters fair competition and the values of the free market; contrary to what banking lobbyists may be saying, it sets no price controls, no rate caps, and no fee limits.  Instead, it gives cardholders the information and choice they deserve to make decisions about their own credit.

I’m proud to report that there are already over 60 cosponsors on the bill.

The momentum for credit card reform is clearly building.  I’m confident that working together, Congress will pass strong reforms this year that will help America’s credit cardholders finally kiss credit card abuses goodbye.