At the White House for Credit Card Bill Signing

On a steamy afternoon when many were fleeing Washington, DC for Memorial Day weekend, consumer advocates and a select group of members of Congress attended the signing of the Credit CARD Act, legislation that provides key protections for consumers. Linda Sherry and Ruth Susswein of Consumer Action's DC office were invited along with Steven Autrey, a consumer who called Consumer Action's hotline in 2007 to share his credit card complaint. (See who else was invited.) The day capped years of work by Consumer Action's staff to ensure that credit cardholders are protected from the tricks and traps that destabilize family finances. During the past three Congresses, Consumer Action has been at the table with other key consumer groups such as Consumer Federation of America and US PIRG, to help write the bills that serve as the foundation for this historic regulation. "Although this new law protects consumers from many of the worst abuses, we will continue to fight for fairness in the credit card marketplace and to monitor any new anti-consumer practices that may evolve," said Linda Sherry, director of national priorities. The President had pledged that the bill would become law before Memorial Day weekend. In the famed Rose Garden, President Barack Obama, before signing the bill, said: "With this bill we are putting in place some common sense reforms designed to protect consumers." "We're not going to be giving people a free pass and we expect consumers to live within their means and pay what they owe. But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives. After signing the bill into law, President Obama presented the pens he used to Representative Carolyn Maloney (D-NY) and Senator Christopher Dodd (D-CT), the lawmakers who wrote key bills in the House and Senate that formed the basis of the new law.