Pelosi Statement on House Passage of Expedited CARD Reform for Consumers Act

WASHINGTON, Nov. 4 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today after the House passed the Expedited CARD Reform for Consumers Act, which will move up the effective date for nearly all of the credit card reforms to the date the bill is signed into law. The bill passed by a vote of 331 to 92.

"Today, the House voted overwhelmingly to send a strong and clear message to credit card companies: we will hold you accountable for your anti-consumer practices.

"The Expedited CARD Reform for Consumers Act speeds up the effective date of a law passed in May known as the Credit CARD Act that provides for commonsense reforms and for strong consumer protections.

"Congress in good faith provided credit card companies ample time to implement these consumer reforms. But these companies responded by raising interest rates, imposing excessive fees, and tightening credit on consumers before the reforms could even take effect.

"The credit card companies proved that treating their customers fairly takes a back seat to the blind pursuit of profit. This is why the House, with an overwhelming bipartisan vote, acted to protect consumers against abusive and predatory credit card practices that don't belong in a fair, transparent, and responsible consumer financial marketplace."