Credit Card Practices Hearing Today

Senator Chris Dodd (D-CT), who is Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, plans to introduce legislation todasy to improve credit card billing, marketing, and disclosure practices (and, presumably, put a curb on predatory practices of the credit card industry). Dodd's Credit Card Accountability, Responsibility and Disclosure Act (the C.A.R.D. Act) is, according to the Senator, aimed at "stopping abusive credit card practices that drag consumers into staggering amounts of debt, and too often harm, rather than help, the ability of American families to move up the economic ladder."

Dodd plans to speak with reporters about the legislation at a press conference today, where he will be joined by Senate colleagues and consumer advocates.

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