Political Quotes

“Mr. President, as our economy continues to recover, families across America are still facing financial hardships. Our priority to help working families must persevere, and we must protect them from future financial harm. Some have compared today's predatory lending practices to the subprime lending that caused the financial crisis in 2008. We need to free our financial system from these abuses and prevent consumers from never-ending debt traps. Today I am introducing the Protecting Consumers from Unreasonable Credit Rates Act to protect consumers from aggressive predatory lending practices. The bill caps annualized interest rates on consumer credit at 36 percent. Consumers spend over $30 billion every year on predatory payday loans, high-cost overdraft loans, and other forms of credit. Imagine if a portion of that $300 billion ten-year cost of credit could be redirected towards buying American goods and services. In an era that has called for trillions of taxpayer dollars to bail out banks and jumpstart economic demand, this proposal costs the taxpayers nothing. In fact, in the case of payday lending, it could potentially save billions of dollars in fees and interest paid by the 12 million American taxpayers who use these products annually. The Protecting Consumers from Unreasonable Credit Rates Act would establish a new federal annualized Fee and Interest Rate calculation-- the FAIR--and institute a 36 percent cap for all types of consumer credit.…”