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Obama: Reform will provide strongest consumer protections in U.S. history
By Angela Hawke on Jun 26th, 2010
On the eve of his departure for the G20 summit in Toronto, President Barack Obama noted that progress has been made on financial reforms.
In his statement, the president said that reform legislation will advance the toughest protections for consumers in the country's history. It will also create a new agency that will oversee products offered to people, including those tied to credit card debt.
"Credit card companies will no longer be able to mislead you with pages and pages of fine print," Obama said. "You will no longer be subject to all kinds of hidden fees and penalties, or the predatory practices of unscrupulous lenders."
The Senate passed a reform bill that would create an agency within the Federal Reserve System that would monitor credit cards and home loans. The House's version of oversight would create an entirely new, stand-alone agency.
Recently, members of both Congressional chambers ironed out differences between the two measures and opted for the Senate's version of the protection bureau.
The government already passed reforms for credit cards last year, which included requiring companies to review interest rate increases and limiting the ability to offer card to those under 21.
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