Merkley: New Credit Card Law Victory for Consumers

Washington, DC
– President Barack Obama today signed into
law major reform legislation to curtail the abuses and deceptive practices of
the credit card companies.  Oregon’s Senator Jeff Merkley, a co-sponsor of
the Senate legislation and member of the Senate Banking Committee, attended the
Rose Garden signing ceremony and issued the following statement:

“Nearly every day, I hear from Oregonians who have been the
victim of deceptive and abusive practices by their credit card companies. 
A credit card agreement is just about the only type of contract where one party
can change the terms of the agreement for any reason, at any time.  For
too long, consumers have had no recourse.  Now that will change. 
This new law empowers consumers, checks the abuses of the credit card
companies, and restores fairness and transparency to the credit card
relationship.  This is a major victory for Oregonians and all Americans.”