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

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

This is definitely Mr. R's area of expertise more than mine but it's pretty straightforward - removing the ability of the central bank to charge interest rates greater than caps placed upon them by regional (or state) governments. This would curtail the Federal Reserve's power to charge undue rates when the regions have placed caps on them.

So States have always retained the power to curb the excesses of the money lenders through general intetest rate caps. This is based on the power of States to protect the health, safety, and morals of the public in contract subject matter. All States have some level on interest rate cap.

There is however a pernicious provision of federal law that exempts certain federally chartered banks from State interest rate caps by allowing such banks to swap in interest rates from other States it has branches in. This is a direct endrun around usury laws and provides a clear competitive advantage to big banks over little banks to the detriment of consumers.

We in the South have just harmonized the usury laws throughout our region to best protect our people from predatory and immoral interest rates. Federal law however greatly undermines our protections by allowing big banks to preempt our Regional caps. With this bill we merely ask our friends in Nyman to uphold the Truman Doctrine and protect the rights of the Regional governments to make the best decisions for their peoples, free from federal interferrence on behalf of the brown red alliance of big banks. Lincoln and Fremont can maintain abusive interest rates if they want to, but we in the South actually want to protect our people. Therefore with this bill we merely ask that the Senate give us the tools we need to crush the big banks by keeping the predatory rates of Fremont and Lincoln out of the South. This protects fairness by keeping all banks at the same competitive level in our region and will prevent a race to the bottom whereby all federally chartered banks set up in a predatory region like Fremont just to screw over the South.

Thanks for your consideration, and may the spirit of that great southerner and bank-killer, Andrew Jackson, guide yall to what is right, moral, and just.


CRS bankground if interested: https://www.google.com/url?sa=t&source=web&rct=j&url=https://crsreports.congress.gov/product/pdf/LSB/LSB10512&ved=2ahUKEwjAuqvm-IL2AhUAmGoFHakFB2kQFnoECCoQAQ&usg=AOvVaw0L7znyZEuN_xVTGWKMTOfd

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

Maybe Labor can demonstrate that they aren't the party of usury... unlike last time.

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

AYE

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

I motion for Veto Override.

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

Aye