Rep. Foster to Attend White House Signing Ceremony for Credit Cardholders' Bill of Rights

Press Release

Bipartisan Consumer Protection Legislation to Become Law

Today, Rep. Bill Foster (IL-14) will visit the White House to attend the signing ceremony for H.R. 627, the Credit Cardholders' Bill of Rights. Foster voted in favor of the legislation when it passed out of the House Financial Services Committee, and again on April 29, 2009, when it passed the House of Representatives by a bipartisan vote of 357-70.

"I am pleased to join President Obama as he signs the Credit Cardholders' Bill of Rights into law, as this action will protect 14th District families from unfair credit card practices," said Foster. "After this bill becomes law, card companies will no longer be able to participate in unreasonable practices like retroactive interest hikes on existing balances or due-date shifting."

H.R. 627 also bans double-cycle billing and would increase the advance notice of impending rate hikes, giving cardholders the information and rights they need to make decisions about their financial lives. In addition, the bill bans credit card companies from imposing fees when customers pay their bill and lets customers set a lower credit card limit.

"I voted for the Credit Cardholders' Bill of Rights because it is a common-sense solution that will end abusive credit card practices, and I will continue to stand up for consumers and small businesses. Credit card companies should be competing on the basis of low cost and convenience rather than on who has the trickiest fine print in their contracts," said Foster.

The Credit Cardholders' Bill of Rights is supported by a bipartisan group of consumer organizations, civil rights groups and public interest groups, including the National Foundation of Independent Business, Consumers Union, the Center for Responsible Lending and the National Small Business Association.

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