Wednesday, April 29, 2009

Geithner Gets it Right on Credit Cards

Since my Portfolio story on Tim Geithner was not altogether favorable, I've been scratching around for something good to say about him. At last I've found it: Geithner today endorsed legislation in the House and Senate that would curtail unfair rate increases and fees.

When I described the menace of credit cards in a Parade Magazine article last August, the possibility of reform seemed remote. But with Obama in the White House and Democrats holding a nearly filibuster-proof majority, it seems that card reforms may finally be happening. Maybe. The banking lobby is going to fight hard to water down the card legislation. Stay tuned.

© 2009 Gary Weiss. All rights reserved.

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