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"Americans know that they have a responsibility to live within their means and pay what they owe," Obama said in his weekly radio and Internet address released Saturday. "But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all-too common."
However, the banking community is fighting back. Credit-card executives maintain that new restrictions could backfire on consumers, making it harder for banks to offer credit or put credit out of reach for many borrowers. They also contend that the sweeping rules already ordered by the Federal Reserve, beginning next year, address many of the consumer-protection concerns expressed by the president and members of Congress.
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vernon getzler