Common Dreams NewsCenter

 

 Home | NewswireAbout Us | Donate | Sign-Up | Archives

Home > Progressive Community > NewsWire > For Immediate Release     

 

 
Send this page to a friend
   
FOR IMMEDIATE RELEASE
MARCH 7, 2001
2:37 PM
CONTACT:  Ralph Nader
Ralph Nader, 202-387-8030
Ralph Nader Urges Senate To Defeat Bankruptcy Bill And Investigate Pernicious Lending Practices
 
WASHINGTON - March 7 - Ralph Nader today urged the Senate to defeat efforts to weaken consumer bankruptcy protections and, instead turn its attention to ending "pernicious credit practices that are taking billions of dollars annually from working citizens"

"At the same time that the banks and other credit card issuers are sending lobbyists to Capitol Hill to gut consumer bankruptcy protections, the issuers are sharply increasing their direct marketing of cards and expanding credit lines to already overextended consumers," Nader said. "These lenders have not come to Congress with clean hands asking that the consumers they have lured into excessive debt be blocked from access to bankruptcy protections."

Nader said Congress has long been aware of sleazy lending practices and excessive fees by credit merchants. He said Congress has looked the other way and "provided no barriers to the financial institutions assault on consumers."

"Now, the financial industry-having milked so many consumers dry through high interest rates, fees and sleazy underhanded tactics-wants Congress to squeeze their victims further through punitive amendments to the Bankruptcy Code," Nader said. "Congress should be ashamed to even take up such a bill, much less enact it into law."

--- Letters sent to Senate Majority Leader Trent Lott and Democratic Leader Tom Daschle by Ralph Nader are available. Please call 202-387-8034 to obtain a copy.

###

Send this page to a friend
Common Dreams NewsCenter is a non-profit news service
providing breaking news and views for the Progressive Community.

The press release posted here has been provided to Common Dreams NewsWire by one of the many progressive organizations who make up America's Progressive Community. If you wish to comment on this press release or would like more information, please contact the organization directly.
*all times Eastern US (GMT-5:00)

Making News?
Read our Guidelines for Submitting News Releases

Tell Us What You Think: editor@commondreams.org

Copyright 1997-2003 Common Dreams.
www.commondreams.org