"Americans know that they have a responsibility to live within their means* and pay what they owe," the president says. "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 in our credit card industry. You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application. And the abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden."The new law will have unintended consequences: People who aren't credit-worthy will no longer have access to credit. This is a good thing overall, but it's a bad thing for businesses that sell discretionary goods.
* Unfortunately, for far too many people this is simply not true. It's not true at the household level, and it is certainly not true at the political level. And now we are cleaning up the mess.