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Congress just passed a bill on credit card regulation that heads to the President’s desk for a signature. The new regulations will protect credit card holders from surprise charges, and restrict over-the-limit fees and charges to pay their bill by phone. There are also restrictions for people under 21 to get a card, as well as requirements to write card holder agreements in plain English rather than obscure “legalese.” While the regulation is being criticized for not being strong enough, it is seen as a huge step in the interest of consumers.

GUEST: Danny Schechter, author of “Plunder: Investigating our Economic Calamity and the Subprime Scandal, editor of MediaChannel.org.