04-23-2009, 06:21 AM
WASHINGTON (CNNMoney.com) -- Ramping up his campaign to crack down on credit cards, President Obama will meet Thursday with executives of 14 leading companies to press his case for new consumer protections.
The White House meeting comes a day after credit card legislation opposed by the financial services industry moved forward on Capitol Hill. The House Financial Services Committee voted 48-19 to approve a bill to clamp down on rates and fees; nine Republicans joined the panel's Democrats in voting for it.
The House bill would, among other things, ban "arbitrary" interest rate increases, prohibit excessive fees and order more disclosure. It could go to the full House for a vote as soon as next week.
The White House meeting comes a day after credit card legislation opposed by the financial services industry moved forward on Capitol Hill. The House Financial Services Committee voted 48-19 to approve a bill to clamp down on rates and fees; nine Republicans joined the panel's Democrats in voting for it.
The House bill would, among other things, ban "arbitrary" interest rate increases, prohibit excessive fees and order more disclosure. It could go to the full House for a vote as soon as next week.