News release from
Congressman Eric Massa
29th District, New York
Tuesday, April 21st, 2009
FOR IMMEDIATE RELEASE:
COMMUNICATIONS DIRECTOR: Jared Smith - (XXX) XXX-XXXX
Rep. Massa introduces the American Credit Card Reform Act
Freshman Congressman introduces first comprehensive bill designed to level the playing field for American credit card holders
WASHINGTON, D.C. - This morning Rep. Eric Massa (NY-29) introduced his first piece of legislation in Congress. The American Credit Card Reform Act has five key objectives designed to prevent predatory lending practices by the credit card industry:
· Cap maximum credit card interest rates at 14%;
· Prohibit transfer fees;
· Prohibit predatory advertising on college campuses;
· Prohibit the changing of credit card terms if the consumer is in full compliance with the terms;
· Require due dates to be set at a minimum of 30 days from the date bills are sent.
"Americans are struggling with unfair predatory credit card practices and I want to level the playing field," said Congressman Eric Massa. "By capping credit card interest rates at 14%, prohibiting transfer rates, ending predatory advertising on college campuses, banning the changing of terms for compliant consumers and making 30 days the minimum for billing periods, we will take significant steps toward strengthening the American family. The American Credit Card Reform Act is designed to do all of these things and I will lead this charge for fairness in the credit card industry. This is about helping American families and returning our economy to prosperity."
You can read the American Credit Card Reform Act by clicking here.
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Jared Smith
Communications Director
The Office of Congressman Eric Massa
(XXX) XXX-XXXX
xxxxx@xxxxxxxxxx.xxxx
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