Statement by WV Democratic Party Chair Nick Casey on Credit Card Reform Legislation Signed Today
Casey Thanks Democratic Congress for Passing Important Legislation
Charleston, W.Va. - Today, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure Act, a bill that protects consumers by cracking down on arbitrary rate increases, misleading terms and excessive fees while also enhancing monitoring and enforcement tools. The legislation passed with wide bipartisan support in both the House and the Senate.
West Virginia Democratic Party Chair Nick Casey released the following statement commending President Obama for enacting such important legislation:
"In signing the Credit Card Accountability, Responsibility and Disclosure Act today, President Obama took an important step in creating strong, reliable, protections for credit card consumers. The bill will require fairness and transparency and will put a stop to practices which have unfairly hit West Virginia credit card holders for too long.
"While we expect consumers to live within their means and pay their bills on time, we also expect credit card companies to be reasonable and fair. Yet in recent years, too many companies have been making outsized profits by imposing unfair rate hikes, penalties, and fees.
"Today I join President Obama and the Democratic Congress in saying 'enough is enough.'
"I congratulate the Democratic Congress and President Obama for their leadership on this critical issue and for acting so quickly. These reforms will provide strong protections for credit card holders by finally cleaning up the fine print and holding companies accountable for misleading practices."
