To read a transcript of President Obama's address go here.
The White House announced: "This week the President recaps a busy week, from strides on fiscal discipline, to financial stability, to cracking down on tax havens and tax breaks for shifting jobs overseas. For his next big step, he calls for a credit card reform bill: "Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties, and hidden fees that have become all-too common in our credit card industry." Watch Your Weekly Address to hear what he plans to do about it."
The White House continued: "In his weekly address, President Barack Obama called on Congress to pass a credit card reform bill, so that he can sign it into law by Memorial Day. The American people know that they must act responsibly and fairly, and credit institutions must do the same. Sudden rate hikes, unfair penalties, and hidden fees are too common and are hurting too many people. The set of principles the President has advocated will bring strong and reliable protections to consumers and strengthen monitoring, enforcement, and penalties for credit card companies that attempt to take advantage of ordinary Americans.
The New York Times reported: "President Obama called on Congress to pass a credit card reform bill, aimed at trying to stop credit card companies from imposing certain late fees.
"Saying that he is focusing on “clearing away the wreckage of this recession,” Mr. Obama focused his weekly radio address on the credit card legislation in Congress.
“Americans know that they have a responsibility to live within their means and pay what they owe,” Mr. Obama said. “But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common to our credit card industry.”
"Mr. Obama will hold a town hall meeting next week in New Mexico to promote the bill, White House officials said on Friday.
"American banks, including Bank of America and Capital One, are facing new rules issued by the Federal Reserve that are aimed at preventing abusive credit card practices. The rules are supposed to be put in place by July 2010; several lawmakers and consumer groups say that date is too far off to help people who are struggling now.
"The credit card bill would aim to fix that by codifying the rules now. It would, among other things, make it illegal to market the cards to minors.
“You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application,” Mr. Obama said. “It is past time for rules that are fair and transparent.”
"He said that he was calling on Congress “to take final action to pass a credit card reform bill that protects American consumers so that I can sign it into law by Memorial Day.”
“There is no time for delay,” Mr. Obama said. “We need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend on misleading working families. Those days are over.”
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