In 2014, former President Barack Obama experienced an embarrassing moment when his credit card was declined during a dinner date with Michelle Obama. Obama revealed this incident while addressing employees at the Consumer Financial Protection Bureau in Washington, as reported by the Washington Post.
Thankfully, the former First Lady had her credit card on hand to cover the bill. Obama recounted the story as he signed an executive order aimed at strengthening protections against identity theft. He said, “I went to a restaurant up in New York during the U.N. General Assembly, and my credit card was rejected. It turned out I guess I don’t use it enough.
They thought there was some fraud going on. Fortunately, Michelle had hers.” He added humorously, “I was trying to explain to the waitress, you know, I really think that I’ve been paying my bills. Even I’m affected by this.” According to CNN, the Obamas were dining at Estela in downtown Manhattan during his visit to New York.
While signing the executive order, Obama emphasized the importance of protecting consumers from financial fraud. He stated, “Last year, millions of Americans became victims of identity theft. More than 100 million Americans had information compromised in data breaches in some of our largest companies, and identity theft is now America’s fastest-growing crime,” as reported by CBS News.
Obama announced plans for the government to upgrade payment terminals at locations like passport offices and national parks to accept microchip-enabled cards. This initiative was part of a broader effort by the then-president to implement economic reforms. Obama pointed out the effectiveness of such technology by saying, “We know this technology works. When Britain switched to a chip and pin system, they cut fraud in stores by 70 percent.”
Addressing the issue of identity theft, he remarked, “The idea that somebody halfway around the world could run up thousands of dollars of charges in your name just because they stole your number or because you swiped your card at the wrong place at the wrong time, that’s infuriating. For victims, it’s heartbreaking, and as a country, we’ve got to do more to stop it.”
Obama’s experience highlighted the vulnerability even high-profile individuals face regarding financial issues. Similarly, in 2014, former Federal Reserve Chairman Ben Bernanke shared his own financial setback at a Chicago conference. Bernanke revealed that he was unable to refinance his mortgage due to tight market conditions. He said, “I recently tried to refinance my mortgage and I was unsuccessful in doing so. I’m not making that up.” Bernanke used this example to illustrate the restrictive lending environment and its impact on the housing market’s recovery, according to the Washington Post.