Level the playing field for middle class against industry
Franken said, “Tens of thousands of Minnesotans have been hurt by Norm Coleman’s allegiance with the banking industry. It’s time for a change in Washington, and it’s time for common-sense reforms to level the playing field for Minnesota’s middle class.
Norm Coleman is a wholly-owned subsidiary of George Bush and the special interests. I’ll be a Senator on your side.” Franken proposed the following major reforms:
A Credit Card Bill Of Rights: Ban ‘universal default’; Ban mandatory arbitration
clauses.
Crack Down On Predatory Payday Lenders: Cap the interest rate on ‘payday’ loans at 36%; Require proof of income before a cash advance is approved.
Repeal The 2005 Bankruptcy Bill: Repeal the bill written by the banks and credit card
companies. Mandate an exemption in bankruptcy law for individuals who can prove they filed for bankruptcy because of medical expenses. Require prioritization of child support and alimony payments before credit card debt in bankruptcy proceedings.
