Brown wants to eliminate credit card rate "loophole"

[babsbunny]

Brown wants to eliminate credit card rate "loophole"

http://fwix.com/columbus/share/6ff65e661b/brown_wants_to_eliminate_credit_card_rate_loophole?referrer=http%3A%2F%2Frawstory.com%2F

Sen. Sherrod Brown, D-Ohio, today backed a proposal in the Senate to add a credit card interest provision to the pending financial regulation bill.

Brown, along with Sens. Bernie Sanders, I-Vt., and Sheldon Whitehouse, D-R.I., wants to eliminate a loophole that he says lets big, national credit card lenders avoid state-imposed interest rate caps. That gives them an unfair advantage over local lenders subject to state limits, Brown says.

[SOS]

1. Good news, in theory

But remember this is the US Senate, majority owned and operated by Wall Street banks.
This amendment cannot pass.

Support local initiatives to divest your local government from the loan sharks.
LA, NY and MA (among other localities) are doing this.

MA divested hundreds of millions from usury law-violating banks:

"State to move funds after banks won’t cap interest"

http://www.boston.com/business/articles/2010/04/14/state_to_move_funds_after_banks_wont_cap_interest/

[Scurrilous]

2. K & R

:thumbsup:

[flamin lib]

3. I did a history of how this all came to be.

Read it here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1367396