Pelosi Statement on House Passage of Expedited CARD Reform for Consumers Act

WASHINGTON, Nov. 4 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the
following statement today after the House passed the Expedited CARD Reform for
Consumers Act, which will move up the effective date for nearly all of the
credit card reforms to the date the bill is signed into law. The bill passed
by a vote of 331 to 92.

"Today, the House voted overwhelmingly to send a strong and clear message to
credit card companies: we will hold you accountable for your anti-consumer
practices.

"The Expedited CARD Reform for Consumers Act speeds up the effective date of a
law passed in May known as the Credit CARD Act that provides for commonsense
reforms and for strong consumer protections.

"Congress in good faith provided credit card companies ample time to implement
these consumer reforms. But these companies responded by raising interest
rates, imposing excessive fees, and tightening credit on consumers before the
reforms could even take effect.

"The credit card companies proved that treating their customers fairly takes a
back seat to the blind pursuit of profit. This is why the House, with an
overwhelming bipartisan vote, acted to protect consumers against abusive and
predatory credit card practices that don't belong in a fair, transparent, and
responsible consumer financial marketplace."

SOURCE Office of the Speaker of the House

Brendan Daly, Nadeam Elshami, Drew Hammill, +1-202-226-7616, all of Office of
the Speaker of the House