Tired of your mailbox being jammed with unsolicited credit card offers boasting too-good-to-be-true introductory rates and confusing terms in tiny print?
So is Carolyn Maloney. But as the chairman of Congress’ Joint Economic Committee, Maloney can actually do something about it.
The New York Democrat is the chief sponsor of legislation she is calling the “Credit Cardholders’ Bill of Rights.” It would stop credit card issuers — many of which have received generous taxpayer bailouts — from imposing surprise interest rate hikes and hidden fees.
Speaking at the Reuters Global Financial Regulation Summit, Maloney said she expects the legislation to pass both the House and Senate, and to be signed into law by the end of May. That won’t be a minute too soon for her.
“It’s hard for me to go anywhere without (hearing) a credit card story,” Maloney told the summit.
Constituents in her New York district stop her at the grocery store to complain about credit card issuers, she said. So do colleagues on the floor of the U.S. House of Representatives.
“They even tricked me by changing the due date,” Maloney said, referring to one of the credit cards she uses. “All of a sudden I had a late fee because I had paid within the period I usually paid — they changed it, they changed the terms.”