Representative Henry A. Waxman 30th District of California

Rep. Waxman is a strong advocate for consumer protection.  Rep. Waxman is Chairman of the House Energy and Commerce Committee, which has jurisdiction over the regulation of commercial practices, the Federal Trade Commission and consumer affairs and protection, including privacy and consumer product safety.

Rep. Waxman cosponsored the Credit Cardholders’ Bill of Rights, which was signed into law by President Obama on May 22, 2009.  This legislation ends arbitrary interest rate increases on existing balances, strengthens disclosure requirements for rate increases, terms, and payoff information, and ends double cycle billing, a practice under which credit card companies continue to charge interest on debt that has already been repaid.  The legislation will also protect cardholders from due date gimmicks and unreasonable fees, and require payments in excess of the minimum to be applied to the portion of the balance with the highest interest rate.  You can learn more about the bill at www.house.gov/financialservices. 

Consumers may also find it helpful to monitor their credit reports. Under the Fair Credit Reporting Act (FCRA), you are entitled to request a free copy of your credit report every year from each of the three national credit reporting agencies: Equifax, Experian, and TransUnion. Information on accessing your free credit report is available at the Federal Trade Commission’s website at www.ftc.gov/bcp/conline/pubs/credit/freereports.htm.