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May 29th, 1968
On this day in 1968, President Johnson signed the Consumer Credit Protection Act. LBJ remarked,
“Today is a day that most Americans have been waiting for for eight long years. With this bill, the Consumer Credit Protection Act, we are entering a new era of honesty in the marketplace.
“At long last, the consumer will receive the treatment he deserves when he borrows money. The buyer will be allowed to know what the seller has always known—that is, how much interest he will have to pay on a credit purchase.”