Pelosi sees U.S. credit card bill of rights becoming law

April 30, 2009 by · Leave a Comment
Filed under: Legal News 

This think this industry has been a little unchecked lately and this will help balance things out and over time hopefully make it so borrowers get debt they can handle and the defaults rates goes down.  The devil is in the details so I will need to hold final judgement until I can read the final bill.

News (Reuters):

 The speaker of the U.S. House of Representatives, Nancy Pelosi, predicted on Thursday that her chamber would pass a pro-consumer credit card bill, and the measure backed by President Barack Obama would become law.

“Very soon this will be the law of the land and the consumers will benefit,” Pelosi told her weekly news conference as the House began debate on the measure.

Pelosi predicted that the House would approve the measure by a with a strong bipartisan majority that will provide momentum for the effort in the Senate.

Senior U.S. House Democrat Carolyn Maloney, the chief sponsor of the Credit Cardholders’ Bill of Rights, told the Reuters Global Financial Regulation Summit in Washington on Wednesday that she expected Obama would sign a bill into law by late May.

The Senate Banking Committee last month narrowly backed its own legislation. The full Senate is likely to vote on its bill, co-sponsored by Democrats Christopher Dodd and Carl Levin, next week.

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