Bennet Statement on Credit Card Industry Reform

Press Release

Bennet Statement on Credit Card Industry Reform

On the heels of President Obama's meeting at the White House with national bank executives, Michael Bennet, Senator for Colorado, released the following statement reiterating his support for credit card reform that brings fairness to the current system and protects consumers from punitive fees and penalties:

"As I travelled across the state last week, I heard from people who are being forced to absorb double-digit rate increases despite having paid all their bills on time," said Bennet. "It's time we rein in these abusive practices and create a new set of rules that protect American consumers without impeding the flow of credit to families and small businesses."

Last month, Bennet joined the Senate Committee on Banking, Housing and Urban Affairs in approving the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, legislation that protects consumers from confusing, misleading and predatory practices by credit card companies. The CARD act now awaits Senate consideration.

"We've made progress in the Banking Committee on credit card reform, but there's still more work to do," Bennet said. "I look forward to working with my colleagues and President Obama to reform current industry practices and protect American consumers from this kind of abuse."

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