How To Rein In The Credit Card Companies

May 11th, 2010at 07:15am Posted by Eli

Change the law so that they have to abide by the rules of the states they issue credit cards in instead of the states they’re incorporated in.  I particularly like this bit:

If you think interest-rate regulation is a bad idea, nothing in the Whitehouse amendment should bother you. It merely shifts the power to make decisions about interest-rate caps to the states and away from Washington bank regulators. California can enact laws appropriate for the conditions there, just like South Dakota can enact laws appropriate for its citizens. The Whitehouse amendment does not take any position on whether the appropriate law is a high cap, a low cap, or no cap at all. California or South Dakota or Delaware or any other state just would no longer be able to export their interest-rate laws to other states. It would allow the states to be laboratories of democracy, as the saying goes, and experiment with interest rate regulation.

The beauty of it is that it puts the Republicans in the position of opposing states’ rights, and pretty much everything they say in opposition to this idea can be used against them in the Roe v. Wade debate (“Reversing it wouldn’t ban abortion – it would just put the decision in the hands of the states!  What’s wrong with giving more power to the states?”)

Entry Filed under: Choice,Corruption/Cronyism,Democrats,Economy,Politics


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