Dodd Statement on Administration's Support for Reforming Credit Card Practices

This story appeared in Bank Digest.

Sen. Christopher J. Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs and author of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, S. 414, issued a statement welcoming "President Obama's support for our efforts to crack down on abusive and predatory credit card practices. We will only fully recover from this economic crisis when we put an end to the abusive practices that continue to drive so many Americans deeper and deeper into debt. Reforming the way credit card companies do business, is the right the thing to do for both our families and the economy. Dodd issued his statement after White House economic adviser Larry Summers told NBC's David Gregory on Meet the Press that President Obama plans to join Congressional efforts to stop abusive credit card practices.