May 20th, 2009
05:32 PM ET

Urgency of credit card reform

[cnn-photo-caption image=http://i.l.cnn.net/cnn/2009/LIVING/wayoflife/05/06/credit.cards/art.window.gi.jpg]

Ed Henry
CNN Senior White House Correspondent

President Obama will quickly sign the credit card legislation that just passed through Congress at a White House ceremony on Friday, according to White House spokeswoman Jen Psaki.

One problem: this means the President will again break his campaign pledge to post legislation online for five days for the public to comb it over in the interest of transparency before he signs it into law.

Obama has an out, however, because he has always suggested he would waive the self-imposed rule for an emergency situation, such as his quick signing of the $787 billion stimulus bill earlier this year.

While the President has not previously declared an emergency on credit card reform, Psaki told CNN "the urgency of the situation" for credit card users dictates that it should be signed rapidly.

Filed under: 360° Radar • Ed Henry
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