FOR IMMEDIATE RELEASE
March 25, 2009
CONGRESSIONAL CANDIDATE ADRIEL HAMPTON URGES CONGRESS
TO PASS S. 582; THE INTEREST RATE REDUCTION ACT
California 10th Congressional District candidate Adriel Hampton (D-Dublin) is calling on Congress to quickly pass Senate Bill 582 to protect consumers and businesses from usury by capping interest rates on credit cards and loans. To build support for the legislation, Hampton has created a Facebook group and is asking his supporters nationwide to contact their representatives in Congress.
“We shovel public money to the big banks, we loan them money at near zero interest, and they turn around and raise credit card rates on hardworking Americans,” Hampton said. “There must be a law against credit card companies charging such ridiculous rates and fees.”
Senate Bill 582 is sponsored by Senator Bernie Sanders (I-VT) and co-sponsored by Majority Whip Dick Durbin (D-IL).
“The Bible has a term for this practice. It’s called usury,“ Sanders reminded. “And in The Divine Comedy, Dante Alighieri’s epic poem, there was a special place reserved in the Seventh Circle of Hell for sinners who charged people usurious interest rates.”
According to the website of Senator Sanders, one-third of all credit card holders are paying interest rates above 20 percent, with rates reaching as high as 41 percent. Sanders’ legislation would cap interest rates and fees at 15% for credit cards and loans.
“Everywhere I go these days, voters want to talk about the double-standard for Wall Street elites,” Hampton said. “Sen. Sanders bill is one of the first steps in taking our economy back for the everyman.”
Adriel Hampton is a candidate for California’s 10th Congressional district, which is expected to host a special election following senate confirmation of Representative Ellen Tauscher as Undersecretary of State for Arms Control and International Security. The Interest Rate Reduction Act is also co-sponsored by Tom Harkin (D-IA), Carl Levin (D-MI), and Sheldon Whitehouse (D-RI).