By a vote of 223-202, the House passed financial reform legislation, which would create a new Consumer Financial Protection Agency responsible for a broad range of oversight, including enforcement of the Credit CARD Act of 2009.

The administration announced its proposal for a new Consumer Financial Protection Agency, among whose duties would be enforcement of the newly signed credit card bill.

In a Rose Garden ceremony, Obama signed into law the Credit CARD Act of 2009.

The final version of the bill included not only the measures in the original House version -- outlawing retroactive or unannounced rate increases -- but also tougher measures pushed by Sen. Christopher Dodd, D-Conn., and championed by Obama on the campaign trail, including restrictions on late fees.

Many of these new rules would have gone into effect in 2010, as mandated by the Federal Reserve, but the new bill codifies them into law and contains additional measures, including severe restrictions on the issuance of credit cards to college students.

The House approved the Credit Cardholders' Bill of Rights Act, which was drafted by Rep. Carolyn Maloney, D-N.Y., to protect consumers from crippling credit card debt. This bill, which passed by an overwhelming 357-70 margin, would prohibit retroactive or unannounced rate increases.

The bill now moves to the Senate (subscription), where Banking Chairman Christopher Dodd, D-Conn., is pushing for inclusion of further provisions, including restrictions on late fees, that could lead to a showdown with the banking lobby and with ranking member Richard Shelby, R-Ala.

The day before the House vote, Treasury Secretary Timothy Geithner met with Maloney and consumer groups and expressed the administration's support for both the House and Senate bills.