Following House Approval of Bill to Expedite Credit Card Reform, Bennet Urges Senate Approval of Similar Legislation
Bennet Co-Sponsors Senate Legislation Freezing Interest Rates on Existing Balances Until CARD Act is Implemented in February
Michael Bennet, U.S. Senator for Colorado, released the following statement after the House of Representatives took action to move up the date to implement reforms under the Credit Card Accountability, Responsibility and Disclosure (CARD) Act. Bennet, a member of the Senate Banking Committee, is urging swift Senate approval of similar legislation he cosponsored.
"People are already having a rough go in this economy -- the last thing they need is for credit card companies to arbitrarily jack up interest rates in a last-ditch effort to turn a profit.
"Earlier this year, we passed common-sense reform that sought to phase out practices like hidden fees and unfair interest rate hikes. But from what people have told me, it looks like credit card companies are making life harder, not easier for Coloradans.
"The House, led by Congresswoman Markey, did the right thing today and it's time that we move swiftly to provide immediate relief for Colorado families.
- Michael Bennet, U.S. Senator for Colorado