Pelosi Hails House Passage of Credit Cardholders’ Bill of Rights Act

Washington, D.C. – Speaker Nancy Pelosi issued the following statement today on House passage of the Credit Cardholders’ Bill of Rights Act, which would end the unfair practices of the credit card industry and protect consumers from the abusive tactics that continue to drive so many Americans deeper and deeper into debt.  The bill passed by an overwhelming vote of 357 to 70.

“Almost all Americans–from college students to retirees–are familiar with the countless credit card solicitations that arrive in the mail each week.  These pitches promise to beat their competitors by offering the best deal on rates and fees.  But more often than not, credit card companies fall far short of upholding the deals they advertise.

“The Credit Cardholders’ Bill of Rights will protect Americans against excessive fees, sky-high interest rates, and other arbitrary and unfair practices that some credit card companies use to lock consumers into costly, and sometimes unsustainable, debt.

“I commend Congresswoman Carolyn Maloney for her tenacious work on this legislation.  Without her leadership and determination, this legislation would not have passed today.  I look forward to working with the Senate to send this critical pro-consumer legislation to President Obama for his signature into law.”