Statement by DNC Chairman Tim Kaine on the Senate Passing the Credit Card
Accountability, Responsibility and Disclosure Act
Kaine Congratulates Senator Dodd and the U.S. Senate on Passing Credit Card
Reform Legislation that Provides Strong and Reliable Protections for Consumers
WASHINGTON, May 19 /PRNewswire-USNewswire/ -- The Senate passed the Credit
Card Accountability, Responsibility and Disclosure Act, with wide bipartisan
support today, passing the bill 90 to 5. The credit card reform legislation
protects consumers from arbitrary rate increases, and shields them from
misleading terms and excessive fees. The legislation also enhances monitoring
and enforcement tools with respect to the credit card industry. The House
passed its version of the bill earlier this month, also with wide bipartisan
support (357-70). President Obama is expected to sign the bill into law before
the end of the week.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080519/DNCLOGO )
DNC Chairman Tim Kaine released the following statement after the Senate
passed the bill:
"Today the Senate passed important legislation which provides strong, reliable
protections for consumers. It stops unfair practices that for too long have
preyed on American credit card holders while requiring fairness and
transparency. Senator Chris Dodd provided critical leadership needed to help
the bill win overwhelming bipartisan support. The strong consumer protections
included in this landmark legislation are a testament to his unparalleled
commitment to protecting American families and consumers.
"It's true that our economy depends on the successful flow of credit. And it's
fair to expect consumers to spend only what they can afford and to pay their
bills on time. What's not fair, however, are practices some credit card
companies have used to make outsized profits through unfair rate hikes,
penalties and fees.
Not any more. Today we say, 'enough is enough.'
"I thank Senator Dodd for his outstanding leadership on this important issue
and congratulate the Senate for passing a law that provides strong consumer
protections, cleans up the fine print, and holds accountable those firms that
continue to engage in misleading practices. I urge the House to take quick
action on the legislation, so that President Obama can sign it into law before
the end of the week."
SOURCE Democratic National Committee
DNC Press, +1-202-863-8148
