Obama to Crack Down on Credit Card Cos.

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President Obama is set to meet with credit card company executives to discuss what many say are deceptive practices in the credit card industry.

The meeting comes at a time when Congress is planning to impose greater regulation and oversight on credit card companies.

The Obama administration is looking to rewrite the rules of the game for credit card lenders, vowing to crack down on high interest rates and predatory practices it says contributed to the country's economic crisis.

A Cardholders Bill of Rights?

Also this week members of the House Financial Services Committee will consider a bill by Representative Carolyn Maloney of New York. The bill is known as the Credit Cardholders Bill of Rights.

The Maloney bill is similar to rules the Federal Reserve will put into effect in 2010.

A version of the bill passed the House last year with significant Republican support. Maloney hopes for quick congressional action on the measure.

"We have momentum. The President campaigned on this issue and I believe he will tell the executives on Thursday what he said on the stump -- that people deserve to have protection from these practices," Maloney said.

"That's what my bill does. I hope it is enacted into law by summer that we can get it to the President's desk for his signature."

Meanwhile, the director of the President's National Economic Council said on Sunday's Meet the Press that while better financial regulation and efforts are needed to protect consumers, he also said Americans need to save more money.

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CBN News
Charlene Israel

Charlene Israel

CBN News Reporter

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