May 22nd, 2009
04:14 PM ET
13 years ago

Obama signs credit card crackdown

[cnn-photo-caption image= caption="President Obama said credit card bill 'will make a big difference.'"]WASHINGTON ( - 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.

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Filed under: President Obama
soundoff (13 Responses)
  1. Kelby In Houston, TX

    Now get that legislation to bail out the American homeowner back on the table

    May 22, 2009 05:28 pm at 5:28 pm |
  2. DaBird

    I'm paying your mortgage and now I am paying your credit card bills. Obama has lied to everyone since taxes are going up for 100% of the people. Beer tax $2, soda tax, cap and trade, climate tax, universal healthcare. Poor people are going to pay all these taxes too.

    May 22, 2009 05:28 pm at 5:28 pm |
  3. Rick CT

    And now if we still don't like our credit card company we can carry a loaded concealed weapon into a National Park and confront our friendly banker. All this in the name of getting it done by Memorial Day. Would a few days have hurt to take out this amendment. Once again, Obama's haste has disasterous consequences

    May 22, 2009 05:29 pm at 5:29 pm |
  4. The Broker.

    It does show you: How two-faced this guy is...

    May 22, 2009 05:34 pm at 5:34 pm |
  5. DaBird

    Obama just signed the credit card bill after 2 days, even though he promised to post the bills and not sign them for 5 days. Another lie.

    May 22, 2009 05:35 pm at 5:35 pm |
  6. Had It

    Hopefully they"ll only kill republican bears.

    May 22, 2009 05:38 pm at 5:38 pm |
  7. blue

    da bird... exactly how does this mean you are paying my mortgage or credit card bills?

    I get it, no matter what happens in this administration you will find a way to have a problem with it... well... I know how you feel... I spent the last 8 years feeling that way... This is much better.

    May 22, 2009 05:42 pm at 5:42 pm |
  8. Ron

    I am not able to wrap myself around any card company being able to raise interest rates on people after contracts are signed, It is my belief with the profit margin that the card companies are getting that they should not be able to raise the rates on a card currently being used by the holder. If new accounts are opened and they want to raise rates thats up to them, but raising rates on charges that have already been charged seems a little illegal to me. But then if it is against the people it is not illegal according to big business, it only becomes illegal if the people are doing it !!!

    May 22, 2009 05:43 pm at 5:43 pm |
  9. strong

    We've heard this all before. More talk from the Obama camp.

    May 22, 2009 05:47 pm at 5:47 pm |
  10. flybyshoeing

    DaBird May 22nd, 2009 5:35 pm ET

    Obama just signed the credit card bill after 2 days, even though he promised to post the bills and not sign them for 5 days. Another lie.

    Knock it off. This bill as well as any bill has been available on line for more than 5 days. But you already know that don't you. Did you read it before it was signed. My guess is NO you didn't . You are a chronic complainer.

    May 22, 2009 05:49 pm at 5:49 pm |
  11. Melissa

    Good going Obama. This is so badly needed.

    May 22, 2009 05:49 pm at 5:49 pm |
  12. Cesar

    Good. Being in the customer service business I have noticed too many Americans are like children. They spend money they do not have and love the Bling Bling. Pay Cash People and I hope credit cards become extinct. They are nothing but a scam.

    May 22, 2009 05:49 pm at 5:49 pm |
  13. cnnpoliticalmods

    IMO they should have done this long ago! Makes me mad that these companies can raise your rate if they allow your card to go over the limit by approving a transaction that they could have denied! Or raising your interest rate because you made a payment for $70.00 but it should have been $70.04... come on now a 4 cent mistake!

    May 22, 2009 05:49 pm at 5:49 pm |