- UAE Markets Seen Limit Down on Monday Open
- Dubai's Debt Woes Signal New Era for Creditors
- US Treasury Wants Banks to Do More to Ease Mortgages
- Fed Audit Would Hurt Economic Prospects: Bernanke
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Black Friday Sales Rise by 0.5%: ShopperTrak
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
Text Size 
The credit card reform bill, which passed through Congress Wednesday and is expected to be signed into law by President Barack Obama Friday, will serve as a "warning light" to credit card companies that they can no longer take advantage of consumers, Rep. Paul Kanjorski, D—Pa., said.
"We’re sending a message that the credit card companies haven’t gotten for a number of years now…that they have to be more responsible to the marketplace," Kanjorski told CNBC in a live interview. "The Congress can’t regulate everything, but sometimes we have to send very poignant messages to these individuals to make sure they get it."
The bill will require credit card companies to give consumers 45 days notice before they up their rates, and it will make it harder to issue credit cards to students. By targeting those who can least afford incredible increases, Kanjorski foresees the start to an economic recovery, he said.
Still, he’s leery of saying it's absolute.
"There are other things that could happen, and if those things do happen, we could go right back into a credit crunch or another economic drop," he said. "But if everything holds together, by the end of the year we should see a significant upturn, and then we’ll be on our way to recovery."
If Obama signs the bill as expected, it will be his third bill passed since taking office—and there aren’t any plans to slow down.
"We'll be moving right through the summer on energy, on healthcare, on education, on all these bills," Kanjorski said.
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes