President Barack Obama brought credit card company executives to the White House on April 23, 2009, to tell them he was supporting a consumer credit card bill of rights making its way through Congress.

"I trust that those in the industry who want to act responsibly will engage with us in a constructive fashion and that we're going to be able to get this done in short order," Obama said.

Obama outlined four principles he wants to see in the legislation.

• Strong and reliable protections against unfair rate increases, fees and penalties. "The days of any time, any reason rate hikes and late fee traps have to end," Obama said.
• Plain language for forms and statements. "No more fine print, no more confusing terms and conditions," he said.
• Contract terms that are easy to understand and posted online, so people can easily comparison shop.
• More accountability. "That means more effective oversight and more effective enforcement so that people who are issuing credit cards but violate law, they will feel the full weight of the law.

 
The legislation is pending in Congress. We rate this promise In the Works.