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MEDIA ADVISORY
MARCH 11, 2008
CONTACTS:
Afshin Mohamadi, (202) 224-4744
STRONGEST LEGISLATION YET TO REIN IN CREDIT CARD COSTS TO BE ANNOUNCED BY SEN. MENENDEZ
Proposal targets wild interest rate hikes, changes in terms of agreements, extreme penalties, among other practices
***Event to include NJ resident who has been hit by out-of-control interest rate***
WASHINGTON--TOMORROW, U.S. Senator Robert Menendez will announce a sweeping proposal to protect consumers from deceptive practices and exorbitant fees associated with credit cards. His legislation will go beyond any current legislative proposal in curtailing skyrocketing interest rates, curbing sudden changes in credit card agreements, and restricting issuance of cards to consumers who don't have the ability to make payments, along with other deceptive practices undertaken by some credit card companies.
Senator Menendez will be joined by a New Jersey resident who has been hit by an out-of-control credit card interest rate. In addition, the Consumer Federation of America, National Consumer Law Center, Consumer Action, Demos and NCLR all support the Menendez legislation and will join him to speak with the press.
WHAT: Announcement of sweeping new Senate proposal to curb credit card costs
WHO:
Senator Robert Menendez (D-NJ), member of the Senate Banking Committee
Tarek Salib, resident of East Rutherford, New Jersey who has been hit with an out-of-control interest rates.
Travis B. Plunkett, Legislative Director
Consumer Federation of America
Lauren K. Saunders, Managing Attorney
National Consumer Law Center
Linda Sherry, Director of National Priorities
Consumer Action
Caleb Gibson, Federal Affairs Coordinator
Demos
Eric Rodriguez, Deputy Vice President
NCLR
WHEN: TOMORROW, Wednesday, March 12 at 2:15pm
WHERE: Senate Swamp
Constitution Ave and Delaware Ave NE (across from
Russell Building)
Washington, DC
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