WASHINGTON (CNNMoney.com) - President Obama signed a bill on Friday that makes it tougher for credit card issuers to raise fees and interest rates.
During a bill-signing ceremony at the White House, President Obama praised the new law, which was the culmination of several years of work by consumer groups and Democrats to rein in what they say are abusive practices that prey on consumers.
"We're here today for a bill that will make a big difference," said Obama.
Obama was joined by, among others, the bill's Democratic sponsors: Sen. Chris Dodd of Connecticut and Rep. Carolyn Maloney of New York. Sen. Richard Shelby of Alabama, a top Senate Republican who negotiated a final deal to pass the bill, also attended.
The House and Senate passed the legislation by overwhelming bipartisan margins earlier this week, despite strong objections by banking industry advocates who say it could result in tightened credit to Americans.