May 26, 2010
The banking and credit industries' assault on the Financial Reform bill is rolling on as an army of lobbyists presses Senators to vote in their favor. Their latest victory: a 35–60 defeat of an amendment that would have allowed states to cap interest rates to protect their citizens from usurious creditors (i.e., lenders who believe they have the right to charge 30% interest).
Had Senator Sheldon Whitehouse's (D-RI) amendment made it into the bill it would have ended a practice where lenders can set up operations in less consumer-friendly states to charge as much interest as they can to consumers across state lines.
Senators who voted against this bill received 144% more money than those who voted to protect consumers from obscenely high interest rates.
You can read more about the amendment and the lobbying efforts here.
Get involved in fixing Congress here and help pass the Fair Elections Act Now here.
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