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OpEdNews Op Eds    H2'ed 5/9/19

Bernie Sander's Credit Card Interest Cap is a Direct Attack On Biden's Benefactors

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Bernie Sanders with supporters
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Bernie Sander's cap on credit card interest is a brilliant direct attack on Joe Biden's biggest benefactors-- the credit card banks. He's calling them loan sharks.

How do you think Joe will respond? This will be interesting.

Here's the press release from The Sanders Campaign.

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Loan sharks charging exorbitant interest rates have moved from the shadows of the criminal underworld to broad daylight in corporate boardrooms.

You're not going to see Jamie Dimon the CEO of JPMorgan Chase lurking in a dark alley. He doesn't need to. Thanks to sky high fees, usurious interest rates, and plain Wall Street greed he's now worth $1.4 billion.

Millions of people now pay credit card interest rates as high as 30 percent. That's not banking. That's loan sharking. And it's time to stop it.

That is why I am introducing the Loan Shark Prevention Act in the Senate. This plan will cap credit card interest rates at 15 percent so that we can stop financial institutions from extorting the American people.

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I'm inviting you to become a citizen co-sponsor of the Loan Shark Prevention Act. While I am introducing this plan with some of my colleagues in Congress, I want to send an unmistakable message to big banks that our movement is right alongside us.

Add your name as a citizen co-sponsor of the Loan Shark Prevention Act to cap credit card interest rates at 15 percent. Let's show big banks that their time of ripping off the American people is over.

ADD YOUR NAME

It didn't always used to be this bad for consumers. But a Supreme Court decision in 1978 overturned state-based interest rate caps, which were as low as 8 percent. Congress capped credit union interest rates at 15 percent in 1980. And as recently as 1991, the Senate voted for a 14 percent cap on credit card interest rates.

Those days are long-gone. Now big box stores issue credit cards to customers with interest rates around 27 percent. That means if you buy a bed mattress for $600 on a store card, you'll pay an additional $162 in interest.

Call it what you will usury, extortion, loan sharking in any case, it is an unacceptable burden.

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Companies and their CEOs are getting rich off of this, of course. The CEO of American Express walked away with $370 million in total compensation. Stores like Macy's and Kohl's make at least 35 percent of their TOTAL income from interest rates on credit cards.

In addition to capping credit card interest rates, I want to allow the Postal Service to offer banking options. We need to expand access to banking for people left behind by big banks.

The American people are sick and tired of being ripped off by the same financial institutions that they bailed out ten years ago. They are sick and tired of being extorted by credit card companies. It is time for us to take decisive action.

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Rob Kall Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Rob Kall is an award winning journalist, inventor, software architect, connector and visionary. His work and his writing have been featured in the New York Times, the Wall Street Journal, CNN, ABC, the HuffingtonPost, Success, Discover and other media. 

He is the author of The Bottom-up Revolution; Mastering the Emerging World of Connectivity scheduled for release May 22, 2019

He's given talks and workshops to Fortune 500 execs and national medical and psychological organizations, and pioneered first-of-their-kind conferences in Positive Psychology, Brain Science and Story. He hosts some of the world's smartest, most interesting and powerful people on his Bottom Up Radio Show, and founded and publishes one of the top Google- ranked progressive news and opinion sites, OpEdNews.com

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Rob Kall has spent his adult life as an awakener and empowerer-- first in the field of biofeedback, inventing products, developing software and a music recording label, MuPsych, within the company he founded in 1978-- Futurehealth, and founding, organizing and running 3 conferences: Winter Brain, on Neurofeedback and consciousness, Optimal Functioning and Positive Psychology (a pioneer in the field of Positive Psychology, first presenting workshops on it in 1985) and Storycon Summit Meeting on the Art Science and Application of Story-- each the first of their kind.  Then, when he found the process of raising people's consciousness and empowering them to take more control of their lives  one person at a time was too slow, he founded Opednews.com-- which has been the top search result on Google for the terms liberal news and progressive opinion for several years. Rob began his Bottom-up Radio show, broadcast on WNJC 1360 AM to Metro Philly, also available on iTunes, covering the transition of our culture, business and world from predominantly Top-down (hierarchical, centralized, authoritarian, patriarchal, big)  to bottom-up (egalitarian, local, interdependent, grassroots, archetypal feminine and small.) Recent long-term projects include a book, Bottom-up-- The Connection Revolution, debillionairizing the planet and the Psychopathy Defense and Optimization Project. 

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3 people are discussing this page, with 3 comments  Post Comment


Michele Goddard

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(Member since Mar 28, 2019), 4 fans, 8 articles, 55 comments
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Bernie has such consistency, such passion, such conviction. He puts the rest to shame in his drive to serve the people. He gets it. Thanks for the article.

Submitted on Thursday, May 9, 2019 at 11:47:49 PM

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david rempel

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I respectfully disagree. Paying credit card interest rates is entirely voluntary. Anyone who knows the power of fees, fines and interests rates is careful to pay the balance every month. What is needed is economic education, not more government interference. Placing a cap on interest rates will simply make the banks extend credit to fewer people, removing the poorer credit risks from the "game" whereby a better credit score is earned by taking on debt and then paying it off reliably. Not having a better credit score then leads to paying more for bigger purchases such as cars and houses. This well intentioned anti loan shark rule will simply place another barrier to moving out of poverty. Better to make mandatory economic education, such as provided by Dave Ramsey and Robert Kirosaki

Submitted on Friday, May 10, 2019 at 2:19:40 PM

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Art Costa

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I basically agree with your disagreement.

Reforming capitalism and its preditory nature repeatedly fails. It's like the Green New Deal as drafted. The fundamental transformation we need, those of us left, is an entirely new way to live on the planet interdependently with the ecological system. Nothing less will do. Back to the credit card interest cap. Sounds good perhaps under a system of ethics condemning all forms of usury punishable by law. After all isn't that the crux?!

Submitted on Friday, May 10, 2019 at 9:54:03 PM

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