Obama admonishes credit card company executives

In what seemed more like political posturing than a substantive meeting with credit card industry executives, President Obama outlined his ideas for increased credit card regulation and reaffirmed his support of pending legislation that will better protect consumers against abusive credit card companies.

Executives from Visa, MasterCard, American Express and others met with the president and his staff in the White House to discuss growing consumer outrage about credit card companies, many of which have shamelessly raised interest rates, reduced credit lines, and canceled accounts.

President Obama, who has supported credit card regulation long before winning the presidency, is using his influence to encourage issuers to willingly accept increased regulation and to persuade reluctant Republicans needed to pass pending legislation. 

After the meeting, executives from the companies were nowhere to be found for comment.  It is likely that they had important meetings to attend—with their D.C. lobbyists. 

[ Read the White House’s blog or view ABC News video footage.]