Sen. Bernie Sanders takes on the loan sharks

[elizfeelinggreat]

After all the horror stories I've read here about credit card companies, this is awesome news!

http://www.sanders.senate.gov/news/record.cfm?id=309331

Loan Sharks in Three-Piece Suits
Date: 03/10/2009

Sen. Bernie Sanders will introduce legislation this week to cap interest rates charged by credit card companies that now slap consumers with rates of up to 30 percent. "This is money that comes right out of their hides and it hurts," Sanders told The Burlington Free Press. His legislation would impose 15 percent interest rate ceiling. It also would limit fees. “We are going to introduce a national usury law which will prohibit any financial institution from charging these outrageous rates,” he told Thom Hartmann’s nationally-syndicated radio show. “These loan sharks wear three-piece suits, but they’re not much different than those guys who break people’s knee caps.”

<snip>

The 15 percent cap on credit card issuers is the same limit Congress imposed on credit union loans almost 30 years ago.

“Most lenders have declined to say how many customers have been hit with higher rates. But consumer advocates place the number in the millions,” according to Los Angeles Times columnist David Lazarus.

[anonymous171]

1. OK seriously, why is the socialist the only one doing this? nt

[elizfeelinggreat]

2. The rest are still afraid of Reagan's ghost?

[Kansas Wyatt]

3. Because Corporate America sees no difference between...

The Democratic Party and the Republican Party. Just whoever is in power gets the checks.

[Winterblues]

4. Can this be retroactive?

Or is that expost facto like in legal cases?

[AzDar]

5. Gawd, how I LOVE this man!

Bernie!:loveya:

[redqueen]

6. It would be nice to have usury laws again. (nt)

[Bluenorthwest]

7. Gald to be rec 5

This is great news from Bernie...

[wryter2000]

8. Yay, yay, yay

I've been hoping for this for so long. It's a no-brainer. I dare anyone to get up and defend credit card interest rates (let alone those horrid payday loan thieves) in front of the American people.

[Vidar]

9. Bravo, Bernie!