A new credit card reform bill was signed into law by President Obama on Friday before the Memorial Day weekend. The signing took place in the White House Rose Garden.
“We’re not going to give people a free pass,” Obama said at the signing. “We expect consumers to live within their means and pay what they owe. But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives.”
There are still two major issues that remain unfinished business: a cap on interest rates and limits on fees that merchants pay when a customer uses a credit card for a purchase.
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