President Obama hosted a group of top credit card executives at the White House Thursday. Obama said he told the gathering he intends to back congressional proposals for cracking down on deceptive and predatory industry practices.

President Obama: “So we want to preserve the credit card market. But we also want to do so in a way that eliminates some of the abuses and some of the problems that a lot of people are familiar with, you know, people finding themselves starting off with a low rate and the next thing they know their interest rates have doubled, fees that they didn’t know about but are suddenly tacked onto their bills, a whole lack of clarity and transparency in terms of the terms and conditions of their credit cards.”

The meeting came as the House Financial Services Committee approved a Credit Cardholders’ Bill of Rights. The measure would limit practices including arbitrary interest rate hikes, premature late fees, and charging interest on paid-off debt.