SENATE BILL: Fair Banking Act (Failed)

[President Tyrion]

This legislation would be catastrophic to the economy. Zero interest home loans would essentially quadruple home prices (4.323% APR over 30 years comes out to about 3.6 times the base), and yet inflation would be cut to almost zero. So, essentially, there would be no increase in buying power while prices for those goods and services increase astronomically.

[President Tyrion]

Aye but with reservations that I'll try to address later

[President Tyrion]

Huh, that's an interesting use of the existing postal infrastructure.

[President Tyrion]

I don't think a government check cashing service should have a charge applied, at all, but I figure such a position is entirely untenable.

Check cashing fees are disproportionate in the sense that they penalize the poor for accessing what little money they have, which is why I oppose it in the first place. I do understand that these financial services, however, cannot be processed for free.

[President Tyrion]

Aye

I would have supported a consensus version of this, but I suppose it wasn't in the cards.