Posted 5/14/2009 10:45:00 AM

The White House just put out a news release about today’s town-hall meeting in Rio Rancho. Obama’s speech is essentially following the release. Here it is:

PROTECTING AMERICAN CREDIT CARD HOLDERS

President Obama Discusses Need for Credit Card Reform; Urges Congress to Pass Comprehensive Legislation

Today, President Obama will hold a town hall meeting in Rio Rancho, New Mexico where he will discuss the need for immediate reform of the credit card industry and his commitment to signing the Credit Card Bill of Rights into law by Memorial Day.

Americans need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend upon misleading working families. For too long, credit card contracts have been deceptively complicated, often leading consumers to pay more than they reasonably expect due to unfair practices. Every year, Americans pay around $15 billion in penalty fees. Nearly 80 percent of American families have a credit card, and 44 percent of families carry a balance on their credit cards.

“It’s time for strong and reliable protections for our consumers. It’s time for reform that is built on transparency, accountability, and mutual responsibility values fundamental to the new foundation we seek to build for our economy,” President Obama will say, according to prepared remarks.

In the Senate and throughout the campaign, President Obama called for measures to strengthen consumer protection in the credit card market. And just last month he met with representatives from the credit card industry to discuss the impact of the current economic crisis on consumers. The Federal Reserve has taken a strong first step toward improving disclosures and ending unfair practices. This week the Senate, under the leadership of Chairman Dodd, Ranking Member Shelby and Senator Levin, brought a strong bill to the floor that would codify and strengthen these regulations. The House, building on the work of Chairman Frank and Representatives Maloney and Gutierrez, already passed such a bill in a strong bipartisan vote. Today, President Obama will call on Congress to take final action to pass a credit card reform bill that protects American consumers that can be signed into law by Memorial Day.

Principles for Long-term Credit Card Reform