Political Quotes

“It is obvious to me that the gentleman from New York, if I could have his attention, does not have much faith in the free enterprise system. He keeps insisting that, even with strong competition in the banking industry, that somehow they will not allow the market to control whether or not credit interest rates will go down or up. But everyone knows, who has a scintilla of an idea about the free enterprise system, that competition, especially among banks, among credit lenders, is severe and that credit competition allows costs, annual fees, interest rates to be modified from region to region, from different kinds of loans to other different kinds of loans. And I daresay that anything that we do, like the proposition that the gentleman espouses, that is now contained in the Senate bill and is the subject of his motion, if that remains in place, the student who is in college, who wants to borrow some money to use for a continuation of his studies at college will shop around and find an interest rate or an annual fee type of credit charge that best suits his needs. If the gentleman prevails in this, that student will have less choice.”