WASHINGTON — President Barack Obama warned overeager shoppers and greedy credit card companies alike on Friday to act responsibly as he signed into law a bill designed to protect debt-ridden consumers from surprise charges.
The White House staged a signing ceremony in the Rose Garden, an indication of the legislation’s importance to Obama. Though the bill was opposed by many financial companies, it cleared Congress with broad support.
Obama made clear that he didn’t champion the changes with the intention of helping those who buy more than they can afford through "reckless spending or wishful thinking.”
"Some get in over their heads by not using their heads,” the president said. "I want to be clear: We do not excuse or condone folks who’ve acted irresponsibly.”
And yet, he said, for many of the millions of Americans, trying to get out of debt has been made difficult and bewildering by credit card companies.
Gun amendment
Nearly 80 percent of Americans have credit cards and half of those carry a balance, according to the White House. The Federal Reserve estimates the nation is some $2.5 trillion in debt, a figure that does not include home mortgages.
Obama said many people have gotten "trapped” because of the economy. But, he said, "part of it is the practices of the credit card companies.”
He criticized such policies that allowed for confusing fine print; the sudden appearance of unexplained fees on bills; unannounced shifts in payment deadlines, interest charges or rate increases even when payments aren’t late; and payments directed to balances with the lowest interest rates rather than the highest.
One part of the bill Obama did not celebrate at the signing, a gun amendment. The measure by Sen. Tom Coburn, R-Muskogee, allows people to bring loaded guns into national parks and wildlife refuges.
The addition of the amendment to the bill — and Obama’s acceptance of it — was viewed as a bitter disappointment for gun-control advocates.
They watched gun-rights supporters gain a victory from a Democratic-controlled Congress and a Democratic president that they couldn’t achieve under a Republican Congress and president. Many blamed the National Rifle Association, which pushed hard for the gun law.
Democrats lawmakers and aides said they didn’t have enough time to send the bill to the House-Senate conference committee and still get the bill to Obama by the Memorial Day weekend as he requested.
by the associated press
The White House staged a signing ceremony in the Rose Garden, an indication of the legislation’s importance to Obama. Though the bill was opposed by many financial companies, it cleared Congress with broad support.
Obama made clear that he didn’t champion the changes with the intention of helping those who buy more than they can afford through "reckless spending or wishful thinking.”
"Some get in over their heads by not using their heads,” the president said. "I want to be clear: We do not excuse or condone folks who’ve acted irresponsibly.”
And yet, he said, for many of the millions of Americans, trying to get out of debt has been made difficult and bewildering by credit card companies.
Gun amendment
Nearly 80 percent of Americans have credit cards and half of those carry a balance, according to the White House. The Federal Reserve estimates the nation is some $2.5 trillion in debt, a figure that does not include home mortgages.
Obama said many people have gotten "trapped” because of the economy. But, he said, "part of it is the practices of the credit card companies.”
He criticized such policies that allowed for confusing fine print; the sudden appearance of unexplained fees on bills; unannounced shifts in payment deadlines, interest charges or rate increases even when payments aren’t late; and payments directed to balances with the lowest interest rates rather than the highest.
One part of the bill Obama did not celebrate at the signing, a gun amendment. The measure by Sen. Tom Coburn, R-Muskogee, allows people to bring loaded guns into national parks and wildlife refuges.
The addition of the amendment to the bill — and Obama’s acceptance of it — was viewed as a bitter disappointment for gun-control advocates.
They watched gun-rights supporters gain a victory from a Democratic-controlled Congress and a Democratic president that they couldn’t achieve under a Republican Congress and president. Many blamed the National Rifle Association, which pushed hard for the gun law.
Democrats lawmakers and aides said they didn’t have enough time to send the bill to the House-Senate conference committee and still get the bill to Obama by the Memorial Day weekend as he requested.
by the associated press
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