SB 109-07: Andrew Jackson Memorial Bank-Killing Act (Veto Overridden)

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Given that FT will hopefully be joining the South in imposing these usury restrictions, I urge Labor and likeminded senators to join our multi-partisan coalition in getting this legislation passed.

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I also like to boast/point out that this is not the first time this Congress has rolled back special perks for big banks at the expense of smaller ones. Back in the '90s, a bipartisan group of congresspeople and President Clinton backed a bill which contained provisions specifically written by lobbyists for large banks - in this instance, to make it harder for small credit unions to do business. We rolled back this blatant corporate giveaway roughly three or four years ago.

I'll also point out, again, that before the South passed its bill, half the states in the country already had usury laws on the books. That never meant we allowed states to dictate monetary policy.