president obamaWASHINGTON, D. C. - President Barack Obama's credit card was declined at a restaurant in New York City last month when he was visiting the UN General Assembly.

The president related the story at the Consumer Financial Protection Bureau as he announced new protections for debit and credit cards call the Buy Secure and signed an executive order to effect the initiative.

"It turned out I guess I don't use it enough," Mr Obama said. "They thought there was some fraud going on."


Fortunately, First Lady Michelle Obama had a credit card on hand and paid for the meal.

An estimated 100 million Americans have been affected by identity theft in the past year, including high-profile security breaches at retailers like Target, Home Depot, K-Mart and others.

"I was trying to explain to the waitress, you know, I really think that I've been paying my bills," Mr Obama said. "Even I'm affected by this."

The president's current salary of $400,000 includes a $50,000 non-taxable expense allowance. 

See the video here: