Senator Chris Dodd (D-CT), the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after President Obama signed the Dodd-authored Credit Card Accountability, Responsibility, and Disclosure Act into law this afternoon: 

“Today marks a victory for American consumers and an end to the deceptive, misleading or otherwise abusive practices of credit card companies.  Gone are the days of gouging hardworking families with ‘any time, any reason’ rate increases and unreasonable fees and penalties.  With the signing of this bill, President Obama has ushered in a new era where consumer protections will be strong and reliable, rules transparent and fair, and statements clear and informative. Today is the day we finally make credit card companies accountable to their customers and responsible for their actions.”

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