WASHINGTON, D.C. (BNO NEWS) – President Barack Obama announced on Monday his proposal for a nearly $1 trillion, 10-year new health care plan that would provide coverage to more than 31 U.S. million citizens without insurance.

Obama’s health care plan proposes to make insurance more affordable and also sets up a new competitive health insurance market by giving millions of Americans more insurance choices at their economic range.

In his ambitious plan, President Obama says that it will end discrimination against individuals with pre-existing conditions. Currently, a person with a pre-existing condition are excluded from insurance companies and health plans; the ones that are accepted are charged higher premiums and out-of-pocket expenses.

Republicans and democrats now will decide in Congress if this proposal can get through. The new plan will give the power to regulate the health insurance industry to the federal government.

President Obama also addressed the reforms of the Credit card Accountability, Responsibility and Disclosure Act. Such law was signed last April by the President.

“For too long, credit card companies have had free rein to employ deceptive, unfair tactics that hit responsible consumers with unreasonable costs. But today, we are shifting the balance of power back to the consumer and we are holding the credit card companies accountable,” President Obama said.

“The new rules taking effect today mean that credit card companies can no longer retroactively increase rates or increase rates in the first year you open an account, charge misleading late fees or use over-limit fee traps. They’re now required to send ample notification if they plan to make changes to the terms of your card and they must employ clear, simple standard payment dates and times. There are new protections for underage consumers, restrictions on double billing and caps on high-fee cards.”