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Obama Calls for Credit Card Reform

U.S. President Barack Obama is calling on Congress to pass legislation that will reform the credit card industry and make it more fair and transparent to consumers.

In his weekly address Saturday, Mr. Obama said consumers too often get "ripped off" by credit card companies that impose sudden rate hikes, unfair penalties and hidden fees.

The president says consumers also should not have to fear that any new credit card is going to come with strings attached and need a magnifying glass and reference book to read an application.

President Obama called for lawmakers in Washington to craft a bill that will address what he described as the credit card industry's "anything goes approach."

Mr. Obama urged lawmakers to have a bill ready for him to sign by Memorial Day on May 25.