WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY) released the following statement tonight after the House Financial Services Committee passed The Credit Cardholders’ Bill of Rights (H.R. 5244) by a vote of 39 to 27:

“The passage of this bill today is an historic victory for American consumers and for the free market.  This landmark legislation will help level the playing field between cardholders and card companies, and give consumers the tools they need to responsibly manage their own credit.  

“The substantive reforms in this bill are needed now more than ever.  Americans are turning to their credit cards to help pay bills, buy groceries, and make ends meet in this troubled economy.  Families with credit card debt are spending more of their paychecks servicing their debt, instead of making new purchases to boost our sagging economy.  If unfair credit card industry practices continue to go unchecked - just as subprime mortgages were - it will have far-reaching and detrimental effects on families and the economy.

“I want to thank the members of the Committee who stood up for working Americans today and voted for real reform.  I also want to thank Chairman Frank for his ongoing support and tremendous leadership on this issue.

“We overcame a huge hurdle today.  This is the first time a congressional committee has ever passed consumer protections for credit cardholders.  But, we are not out of the woods just yet.  I look forward to working with leadership to bring my bill up for a full House vote, and I will continue doing everything in my power to keep pressure on the Federal Reserve throughout its rulemaking process on credit card regulation.”

For more information on The Credit Cardholders’ Bill of Rights, click here.

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