Merkley: New Credit Card Law Victory for Consumers

Merkley: New Credit Card Law Victory for Consumers

Oregon’s Senator Attends White House Bill Signing of Credit Card Reform Legislation


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.”