Good luck with this one:
President Obama threw his support on Thursday behind legislation that would keep banks from imposing higher fees and interest rates on credit card users, and said terms must be “written in plain language and be in plain sight.”
“The days of any-time, any-reason rate hikes and late-fee traps have to end,” the president said at the White House after meeting with top executives from the nation’s largest credit card companies, a session Mr. Obama called “constructive.”
“No more fine print, no more confusing terms and conditions,” the president said, following up on campaign pledges to try to curtail high fees and rates and chop away at the thickets of fine print in credit card statements.***
Industry lobbyists have been working closely with Senate Republicans to try to block the passage, although the White House’s recent push for the measure could make that difficult. During the presidential campaign, Mr. Obama made an issue of what he considered excessive credit card fees, but until this week he had been largely silent on the matter since his arrival in Washington.
I’m betting meaningful and substantive credit card reform legislation will be as hard to pass as health care or card check. I can already hear the screams, and half the Democrats are in as deep as any Republican.