Last week, President Obama signed legislation that limits the credit card industry’s ability to raise rates, penalize late payers and issue credit cards to people under 21. As consumers, we are thrilled. But as professional communicators, we believe that Congress and the White House have overlooked a simple innovation that could be as powerful as these reforms, if not more so.

Inspired by the Nutrition Facts label found on food packaging, we designed its equivalent for credit cards: an easy-to-understand chart that would simply and clearly lay out interest rates, card fees and payment terms so consumers could understand their accounts. Just as Nutrition Facts help us make smart choices about food, Credit Card Facts would enable consumers to make informed choices about acquiring and using credit cards.

This is an example of the disclosure chart that has appeared on American credit card solicitations since 2000. A great idea at its inception, the box has been unable to keep up with our increasingly complex credit card offerings. The type is too small, the headings are not prominent enough and many critical facts are buried in the fine print below the actual chart.

Unless credit card companies are told what they have to disclose and exactly how they have to disclose it, the consumer will still be drowned in text. As Mr. Obama recently said, “You shouldn’t need a magnifying glass or a law degree to read the fine print that sometimes doesn’t even appear to be written in English.”