Menendez Participates iIn White House Credit Card Bill Signing Ceremony, Says Relief for Consumers Is on Its Way

Press Release

MENENDEZ PARTICIPATES IN WHITE HOUSE CREDIT CARD BILL SIGNING CEREMONY, SAYS RELIEF FOR CONSUMERS IS ON ITS WAY

Member of Banking Committee has been champion for credit card reform, author of Credit Card Reform Act

US Senator Robert Menendez (D-NJ) this afternoon took part in the White House signing ceremony for credit card reform legislation, standing next to President Obama as he signed the bill into law in the Rose Garden. Menendez, a member of the Banking Committee, has been a champion of credit card reform legislation, authoring the Credit Card Reform Act (http://menendez.senate.gov/newsroom/record.cfm?id=308071) and helping craft key provisions in the new credit card law, including protections for consumers under the age of 21. He released the following statement:

"I was thrilled to be there as President Obama signed this landmark bill into law, but not as thrilled as millions of families will be to know that deceptive and predatory credit card practices are being ended. The trap doors are being sealed shut, the booby traps are being dismantled and the erasable ink is being poured down the drain. We all rely on credit cards as part of our family finances, which is why deception or abuse of cardholders is particularly harmful to our families and to our economy. Families who are responsible with their cards ought to be in turn treated responsibly by their credit card companies, and that's the purpose of this new law. For those of us who have been championing credit card reform for years, and more importantly for families who have felt like they are running on a treadmill of increasing credit card fees and rates, this day was a long time in coming."

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