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.
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