Bernanke also urged Congress to review U.S. law that allows commercial companies to buy a type of bank known as an industrial loan company but escape a level of federal regulation.
He said Congress has been clear that it wants banking and commerce separated, but a "loophole" in current law allows that policy to be violated.
"Congress has clearly indicated that separating banking and commerce is the policy they want to pursue, and therefore allowing that barrier to be broken down by loopholes seems to be inconsistent with the public policy that Congress has enunciated," he said.
People filed for bankruptcy at such an alarming rate that the law had to be changed.
And why would that happen?Any body and his dog can get a credit card just about regardles of their credit rating.These credit card companys make their own mess then want the government to bail them out by changing the bankruptcy laws.I say sockit to the credit company out fits,once again sockit to em.They wouldnt get any help if I had the doings of it.
Imagine the benefits to consumers when WMT opens its Credit Card division and instead of 26% interest charges half that amount ?
How will that effect the national banks who have been raking in the profits on 24% and 28% revolving credit charges ? I wonder why the Mass. bankers are opposed so strongly ? Have they been charging outrageous credit card fees for years and are about to lose it ?
I would say if your paying 24% you must have a credit like shit. You think Walmart is going to give you 10% with a shity credit history like you. I have never had a card over 9.5% but then I pay it off every month. I can't wait tell Walmart gets a bank you guys make sound like they will 1% loan on everything even with shitty credit like you have courage and the truth.