President Obama proposed a new federal agency with broad powers over credit cards and other financial products. The Obama administration wants to create a consumer watchdog agency focused on protecting Americans from abusive, deceptive and unfair financial products -- including credit cards. Consumers will be provided information that is simple, transparent and accurate. You'll be able to compare products and see what's best for you. The most unfair practices will be banned. Those ridiculous contracts with pages of fine print that no one can figure out -- those things will be a thing of the past. And enforcement will be the rule, not the exception.
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