After using his weekly video address on 5/9/09 to continue his call for credit card reform, President Obama is pushing congress to have a bill ready for signing by Memorial Day. In the address, Obama says, “There is no time for delay. We need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend upon misleading working families. Those days are over.”
For more than a month, the President has been talking with Congress to pass legislation to prohibit most of the more aggressive fees, interest rates and penalties that credit card companies charge their cardholders. He’s met with the leaders of the largest credit card companies to try and get them to agree with the need for such changes,but most say the proposal of such legislation will only make it more difficult to lend money and therefore have a negative affect on the recovery of the economy.
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