WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY) released the following statement after the House Financial Services Committee passed her Credit Cardholders’ Bill of Rights (H.R. 627) by a vote of 48 to 19:

“This landmark legislation helps level the playing field between cardholders and card companies. For too long the relationship has been one-sided; but markets function best when all sides know what they're getting into-- and these deceptive practices need to be stopped. The Credit Cardholders' Bill of Rights brings more transparency to the contractual relationship and give consumers the tools they need to responsibly manage their own credit," Maloney said.

“The substantial reforms in this bill are needed now more than ever, as working Americans have increasingly turned to credit cards to help pay medical bills, buy groceries, and make ends meet in this troubled economy," she said.

“While today's vote clears a major hurdle, credit card reformers are not out of the woods yet. With the continued support of Speaker Pelosi, I’m certain the House will pass the bill again-- as it did last fall-- and then we will work with Senator Dodd and other Senate supporters to get the 60 votes needed to overcome resistance in the Senate to helping consumers and get these provisions to the President's desk before the summer.

“Thanks are due to the members of the Committee who stood up for working Americans again-- as they did last year-- by voting for these reforms, and to Chairman Frank for his ongoing leadership and commitment to this issue, and to the 87 bipartisan cosponsors. With President Obama's strong support for credit card reforms, I know we can do it, and working Americans deserve no less," Maloney concluded.

For more information on The Credit Cardholders’ Bill of Rights, click here .