Legislation Establishes Strong New Protections for ConsumersWASHINGTON, D.C. — The Senate will today begin consideration of Senator Chris Dodd's (D-CT) comprehensive legislation that will protect consumers from the abusive, confusing, and deceptive practices employed by credit card companies. Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Banking Committee Ranking Member Senator Richard Shelby (R-AL) reached an agreement on the legislation over the weekend.

"Today, we have the opportunity to stand up for the American people and put an end to the unfair fees, unjustified interest rate hikes, and other abusive practices that credit card companies use to gouge consumers," said Dodd. "While I expect some battles in the coming days from credit card companies and their allies in an effort to diminish these strict new rules, I stand ready to fight against any attempt to weaken the strong consumer protections in this bill."

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