President Barack Obama summoned the executives of the largest credit card companies to the White House on Thursday, 24 April 2009, to inform them that they need to accept reforms in the credit card industry.

This move by President Obama signals his strong support of the credit card reform bills currently being deliberated in the US Congress. House bill, H.R.627 , otherwise known more popularly, as the Credit Cardholders’ Bill of Rights, has been championed by Rep Carolyn B. Maloney, [NY] with 115 Cosponsors. This bill was re-introduced on 22 January 2009.

 

A related bill has been introduced in the Senate on 14 January 2009 by Sen. Charles E. Schumer. However, unlike the overwhelming support by members of the House of Representative, there was only one co-sponsor. Sen Mark Udall, [CO], in the Senate.