Sen. Chris Dodd Suggests Legislation Necessary to Curb Credit Card Abuses

In a speech on Tuesday to the National League of Cities, Senator Chris Dodd (D-CT) suggested that legislation would be necessary to curb abuses of credit card issuers.

I'm a strong advocate of credit cards; don't misunderstand me. But the abuse by the financial institutions in making it impossible for people to get out from underneath these financial problems is causing us serious, serious problems. We've already had hearings on this, and my hope is that we'll pass legislation that'll prohibit some of the practices that have made it so difficult for people to manage their financial affairs in a more solid and safe way.

It will be interesting to see what action Dodd takes on this issue in the Senate.