Friday, April 24, 2009

Sleeping Through Credit Card Reform

Awesome news:

WASHINGTON — President Obama threw his support on Thursday behind legislation that would keep banks from imposing higher fees and interest rates on credit card users, and said terms must be “written in plain language and be in plain sight.”

“The days of any-time, any-reason rate hikes and late-fee traps have to end,” the president said at the White House after meeting with top executives from the nation’s largest credit card companies, a session Mr. Obama called “constructive.”

“No more fine print, no more confusing terms and conditions,” the president said, following up on campaign pledges to try to curtail high fees and rates and chop away at the thickets of fine print in credit card statements.

The meeting came as the House was preparing to adopt new restrictions on credit cards. Lawmakers said on Thursday that they had agreed to make some amendments to the legislation that were being sought by senior White House officials. One provision would require the credit card companies to apply consumer payments first to any debt that has the highest interest rate.
That sounds like a great idea! Wanna guess what administration member wasn't so interested in cracking down on the credit card companies?

President Obama met with credit card industry officials in the Roosevelt Room. You have a list of who was at the table, with Geithner to Obama's right in the middle of the table and Jarrett to his left. At either end were Summers and Romer. Also in the room seated behind Obama were Chief of Staff Rahm Emanuel and Gene Sperling, who serves as counselor to Geithner. You will soon have Obama's remarks or can see them on TV.

One thing to note is that Summers appeared to be nodding off near the beginning of Obama's remarks. And then he DID nod off, doing the head on the hand and then head falling off the hand thing. Photogs seemed to be having a field day. All other officials in the room appeared fully awake.

What a fucking joke. Something tells me he wasn't nodding off at the "give failed banks billions of dollars with no strings" meetings.

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