Not satisfied with running the banking industry and the automotive industry, now President Obama is set to tell the credit card industry how to run their business. A she continues his attack on corporate America, to once again, bailout irresponsible consumers, Obama will call for limits of fess that card companies can charge.
According to Bloomberg: ” Industry leaders sought the White House meeting as they confront an outpouring of anger from cardholders and Congress. The executives are likely to hear from Obama about “some of the deceptive practices that we’ve seen,” White House spokesman Robert Gibbs said.
Credit-card issuers “are making a substantial amount of their money off of fees that people don’t understand and engaging in things that maybe are a little bit below the line,” Austan Goolsbee, Obama’s senior economic adviser, said in a Bloomberg Television interview today.
Yesterday, the House Financial Services Committee voted 48- 19 to support a package of new restrictions including fee and rate limits. The full House could vote on the measure as soon as next week, and the Senate is considering a similar bill.
Protecting Consumers
“It is time to put the government on the side of consumers,” Representative Luis Gutierrez, an Illinois Democrat, told Bloomberg Television. “
From community organizer to to ultimate businessmen, he sure is something.
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