Money Facts Archive Get the real facts that will shape your future by having them delivered to your Inbox!

It was reported by Reuters (May, 2009) that, with respect to the passing of a credit card bill to stop unfair rate increases and other abuses by credit card companies, Obama stated the following while visiting a New Mexico high school: "Enough is enough. It's time for strong, reliable protections for our consumers. It's time for reform that is built on transparency and accountability and mutual responsibility,"

Transparency and accountability? Mutual responsibility?

Congress has given thousands of credit cards to federal employees to be used to book work-related travel. The intent, as always, was to cut waste and improve efficiency in the government. The result, however, was much different.

It has now been reported by a number of sources (including the government itself) over the past several years that, literally, hundreds of millions of dollars have been inappropriately charged by government employees using these cards; for everything from medical expenses, to entertainment, to gambling, to gifts, and much more.

Fear not. The good news is that "Government Credit Card Abuse Prevention Act of 2009" (H.R. 216) has been introduced and has been referred to committee.

The bad news is that a majority of bills never make it out of committee; and this one doesn't appear to be going anywhere fast.

Wonder why?

- Ed Smith, Publisher
The EHS Letter Manual