this is a private bank. Who are they to make and institute monetary policy? This is so un-american.
WASHINGTON (AFP) – The US Federal Reserve finalized new rules aimed at protecting credit card holders Tuesday that also make it difficult for anyone under the age of 21 to obtain a credit card.
As part of a series of new rules aimed at protecting consumers, the measure forbids banks from issuing a credit card to anyone under 21: unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so."
The new rules, effective February 22, also prevent lenders from unexpected increases in interest rates on card balances, and limit fees and certain types of interest calculations.
The new measures implement a law passed last year by Congress.
Fed governor Elizabeth Duke said the effort "marks an important milestone in the Federal Reserve's efforts to ensure that consumers who rely on credit cards are treated fairly."
Argentina Central Bank Funds At Federal Reserve "Embargoed" Submitted by Tyler Durden on 01/12/2010 14:52 -0500
Creditors Federal Reserve
And so it escalates: first the head of the Argentine Central Bank was demonstratively sacked by the president, and now Argentina funds held at the Federal Reserve have been "embargoed" by US District Judge Thomas Griesa. We are doing a thesaurus check to see if embargoed is a synonym for confiscated. Wily old Ben - always coming up with new and improved ways to create funding crises thousands of miles away (as long as they are not at the Marriner Eccles building). We are confused how gold has so far managed to escape the same "embargo" fate as the South American country.