Akaka to Attend White House Signing Ceremony of Credit Card Reform Bill
Fri, May 22, 2009
Washington, D.C. - U.S. Senator Daniel K. Akaka today will be making his second visit to the White House this week, invited by President Barack Obama to join him as he signs the Credit Card Accountability, Responsibility, and Disclosure Act into law. The legislation contains provisions authored by Akaka to make credit card statements more informative for consumers struggling to pay down their debt and to help them find reputable credit counseling services.
What: Presidential signing of the Credit Card Accountability, Responsibility, and Disclosure Act
Where: The Rose Garden, The White House, Washington, D.C.
When: Today at 3 p.m. Eastern Time, 9 a.m. Hawaii Time
Live streaming video available at: http://www.whitehouse.gov/live/
The Akaka provisions would require credit card companies to include the following information for consumers in their billing statements:
- How long it will take to repay their entire balance, and how much interest they will accrue, if they make only the minimum payment on the bill.
- The amount they would need to pay each month to eliminate their outstanding balance within 36 months, a typical length of a debt management plan.
- A toll-free number, established and maintained by creditors under the guidance of the Federal Reserve Board, providing access to trustworthy non-profit credit counselors approved by U.S. bankruptcy trustees.
The legislation passed the Senate on Tuesday (May 19) and was approved by the House on Wednesday (May 20).
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