Press release submitted by Congressman Phil Hare

Hare Votes to Speed Up Credit Card Reforms

WASHINGTON, DC-Congressman Phil Hare (D-IL) today voted for the Expedited CARD Reform for Consumers Act which would strengthen and make effective immediately the credit card reforms signed into law in May.

"Christmas is still over a month away, but credit card companies are already busy playing the role of Grinch," Hare said. "Instead of preparing to implement the new consumer protections passed by Congress, these companies have redoubled their reckless and predatory behavior. We must put a stop to it."

In May, Hare supported the Credit Cardholders' Bill of Rights which banned unfair rate increases and forbade abusive fees and penalties. Since that time, many credit card companies have raised interest rates and minimum payments, increased fees and tightened credit limits on consumers to get in under the wire before the bill takes effect on February 22, 2010. Today's legislation moves up the effective date for these critical credit card reforms to immediately following the President signing it into law.

"I continue to hear from constituents that are being unfairly gouged by the credit card companies," Hare said. "The reforms we passed in May can't come soon enough."