With three Federal Reserve vacancies, senators on Friday urged President Obama to name individuals "who will fight to protect the interests of the American middle class and small businesses." Instead of the Fed doing the big banks' bidding, the letter Senator Sanders drafted called for a cap on credit card interest rates, increased lending to small businesses that create jobs, curbs on outrageous executive pay, and the breakup of banks deemed "too big to fail." Sanders has introduced legislation to put a 15 percent cap on credit card interest rates. "Right now, the Federal Reserve has the authority to ban unfair and deceptive financial products. This can and should include a prohibition on usurious credit card interest rates and fees. Millions of American consumers and small businesses are paying interest rates as high as 35 percent on their credit cards. At the same time, financial institutions are able to borrow money from the Federal Reserve with virtually no interest at all. This is extremely unfair. We hope that you will pick nominees for these positions who will do everything within their authority to end the outrageously high interest rates that Americans are currently forced to pay."
To read the senator's letter to the president, click here.
To watch the senator read letters on this subject on the Senate floor, click here.