Obama to meet credit card executives

WASHINGTON, April 23 (UPI) -- A top adviser to U.S. President Barack Obama said the president would press the case for credit card reforms in a meeting with executives from 14 companies.

Valerie Jarrett said in a release that the president would meet Thursday with the company officials about legislation being considered by Congress to crack down on such practices as "arbitrary" interest rate increases, CNNMoney.com reported.

"We are … working with Congress on legislation that will promote simplicity, require transparency, demand fairness, and ensure accountability so that we can strengthen consumer protections against abusive and deceptive practices," Jarrett said.

CNN said a bill approved this week by the House Financial Services Committee would outlaw interest rate increases, clamp down on "excessive" fees and demand more consumer disclosure. The measure could go before the full House for a vote as soon as next week, analysts said.

The Senate has yet to produce a companion measure. Republican critics of the measure say it's unnecessary because the Federal Reserve Bank has proposed similar credit card reforms that would go into effect next year, the broadcaster said.