Senate Proceeding on Apr 27th, 2009 :: 1:44:45 to 1:54:35
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1:44:33 to 1:44:53( Edit History Discussion )

Bernard Sanders: quorum call: quorum call: . a senator: mr. president? the presiding officer: the senator from vermont. mr. president, i want to just -- mr. sanders: mr. president, i want to take a few moments speak about an issue that i think

1:44:45 to 1:54:35( Edit History Discussion )
Speech By: Bernard Sanders

1:44:54 to 1:45:14( Edit History Discussion )

Bernard Sanders: great concern all over our country, and that is the outrageous escalation in credit card interest rates. i know that the house and the senate will soon be addressing the issue of credit cards, b i hope very much

1:45:15 to 1:45:40( Edit History Discussion )

Bernard Sanders: bodies will include within their legislation something that sislong overdue and that on interest rates. we need a natio law. it is unacctable to me and i think the mass majority of the people in our country that credit card companies are

1:45:41 to 1:46:01( Edit History Discussion )

Bernard Sanders: rates of interest on their credit cards. this is usury. this is wrong. this, from a biblical perspective, is immoral, and it is time that we got a handle on it. the truth is that a number of years ago many states had usury laws, which prohibited very high

1:46:02 to 1:46:23( Edit History Discussion )

Bernard Sanders: interest rates as a result of a supreme court decision those state laws were centerly made null and void in companies that moved to states like south dakota or delaware could essentially charge the american people any rate that they wanted. and within the last 20 years, we have seen a huge increase in interest rates.

1:46:24 to 1:46:44( Edit History Discussion )

Bernard Sanders: today about one-third of the american people are paying 20% or more. and it's time that we got a handle on that issue. what i would like to afternoon, very some of the e-mails that are coming to my office from state of vermont, but, in fact, from all over this country.

1:46:45 to 1:47:06( Edit History Discussion )

Bernard Sanders: late friday afternoon, mr. president, i sent out an e-mail to our e-mail list. within two days time 900 responses from people who have going relationship with their credit card companies. and the stories that i am

1:47:07 to 1:47:28( Edit History Discussion )

Bernard Sanders: hearing are absolutely appalling, in some cases unbelievable. and what is particularly disturbing is that a when the taxpayers of this country have provided hundreds of billions of dollars to bl out failing financial institutio, who, because of their greed, their recklessness, and their illegal behavior,

1:47:29 to 1:47:49( Edit History Discussion )

Bernard Sanders: caused them to collapse. what they are now saying to the taxpayers who bailed them thank you very much, now we're going to raise your interest rates substantially. so what i will be doing in the coming weeks the floor and just reading all over this country. let me just start off with one

1:47:50 to 1:48:11( Edit History Discussion )

Bernard Sanders: that comes from vermont. this is what the gentleman says: he said, i owned an operated a summer business in excess of 43 years. my business credit card was at. 9% for years, last year my payment jumped $400 per month. i thought there was fraud involved. upon checking, i found my

1:48:12 to 1:48:33( Edit History Discussion )

Bernard Sanders: interest had been raised from 7.9% to 28.8%. i always paid more than the minimum and always on time. when i was con why, floating interest. i asked to speak to manager and was and cld nothing to do about it.

1:48:34 to 1:48:55( Edit History Discussion )

Bernard Sanders: i got a credit loan at 1% over prime and paid them off and shut down my business after 43 years of business it took usury to shut me down. that's just one story. somebody writes from virginia, your state, mr. president. "explain to me do the banks, credit card companies feel that the only way to make mon is to

1:48:56 to 1:49:19( Edit History Discussion )

Bernard Sanders: cheat taking part in an endless ponzi scheme? how much profit is to be expected for an honest deal? even 15% it goes on. then we have one from barry, vermont. i only have one thing on my credit card every month, it is

1:49:20 to 1:49:40( Edit History Discussion )

Bernard Sanders: the internet charge of $9.80, my credit card is a visa capital one. if a payment was late, it also stated if i their terms, they would cancel my credit card. let's not only do something about credit card fees, let's stop banks in their tracks with

1:49:41 to 1:50:02( Edit History Discussion )

Bernard Sanders: all fees that they access on customer accounts they have. from castle rock, colorado. "i have excellent credit. nearly 780. last time i checked. i had a fixed interest rate with capital one at 4.9% since 2002.

1:50:03 to 1:50:27( Edit History Discussion )

Bernard Sanders: in 2007, the rate was raised to 7.9%. i received a letter in early april of this year that will rise to 17.5% for no particular reason. except that it was a company's decision. i am outraged. this is really unfair for everyone, but i think especially unfair for those of us who really pay attention to maintaing good credit.

1:50:28 to 1:50:49( Edit History Discussion )

Bernard Sanders: " vermont. "i have been on time every month and one day i got my statement and, wow, my interest rate had mo i called and they did put it back to the rate i had and said it would be good for only nine months and then they would up it again and i would have to call again. this is hard for families who aren't ung their credit cards

1:50:50 to 1:51:11( Edit History Discussion )

Bernard Sanders: anymore and they are on a budget and a factor in the credit card payment and then all of a sudden one month it has gone up a lot and you didn't factor that in." this is from wilder, ver point "i am tired of being the one who has to pay the expects tifs of the credit card companies mess up and we have to pay.

1:51:12 to 1:51:34( Edit History Discussion )

Bernard Sanders: now my older child is going off to college and i can't get financial help except for loans. yes, more interest. now i have to pay more interest on my credit cards. when will i get help? i pay my bills. i pay my taxes. if i pay late, i get a finance charge and it hurts my credit rating. when these big companies fall behind, they get my tax money

1:51:35 to 1:51:55( Edit History Discussion )

Bernard Sanders: and i get to pay it back for them." this "on my bank of america card, i made purchases at 9.9%, which was not a variable rate. i assumed i had that interest rate because i have never had a late payment and have never just the minimum payment. this month i received notice

1:51:56 to 1:52:16( Edit History Discussion )

Bernard Sanders: that my from rate is going to jump to 15.65% and be a variable rate. i do have a steady income and i don't want to damage my credit rating by pay in a few months and then cancel the card. " here is another one from west burke, vermont.

1:52:17 to 1:52:40( Edit History Discussion )

Bernard Sanders: "my husband sus sus stain severe brain trauma. we have paid off all credit cards. we are idiots to do. this our credit is ruined by going a year without income. ruined because we paid any credit card debt we owed.

1:52:41 to 1:53:01( Edit History Discussion )

Bernard Sanders: " "i am 67 years old and had the car since the year of the flood. i was on vacation and out of the country and did not make my car payment on time. i had always kept my account up. when i went to charge a flight online, it was didn't. i called them and they replied since i pair, i had to pay off my

1:53:02 to 1:53:23( Edit History Discussion )

Bernard Sanders: account every 30 days before they allow for large purchases. i paid for the card that day and cut up the card." west newbury vernt. i send my payment by mail and sometimes th postal service is slow and the card company got late and changed my interest

1:53:24 to 1:53:44( Edit History Discussion )

Bernard Sanders: rates from 16% to and now if i pay the minimal payment, the charges are more than what i paid on the bill." one day late from 16% to 29%. we have, as i mentioned in two vermont significantly, but from all over the mr. president, i have introduced

1:53:45 to 1:54:05( Edit History Discussion )

Bernard Sanders: legislation which would cap interest rates on credit car at 15% with some exceptions going up to 18%. that legislation is co-sponsored by senators durbin, leahy, whitehouse, this is based on longstanding

1:54:06 to 1:54:29( Edit History Discussion )

Bernard Sanders: law which regulates credit unions who cannot under normal circumstances charge more than 15%. mr. president, the american people are hurting. we are in a recession because of the greed of a small number of banks on wall street and now what these very same banks are doing is hitting the middle class and working families of

1:54:30 to 1:54:35( Edit History Discussion )

Bernard Sanders: this country with outrageously high interest rates. enough is enough. we need to establish a national usury rate.