April 30, 2009
tg-117

Statement From Secretary Geithner on House Passage of H.R. 627, The Credit Cardholders' Bill of Rights

"In a strong bi-partisan vote, the House of Representatives today passed the Credit Cardholders Bill of Rights of 2009, moving the country significantly closer towards comprehensive credit card reform. I applaud the strong leadership of Chairman Barney Frank, and Representatives Carolyn Maloney and Luis Gutierrez on this critical issue. For too long, deceptive and complex rules, from sudden rate hikes to hidden fees, have hurt millions of responsible borrowers. We need new common sense rules of the road to establish a more fair, transparent, simple consumer credit market. This bill is a major step toward that goal and, guided by the principles the President laid out last week, I look forward to working with Congressional leaders on further reform."

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