Obama and Biden will reform our bankruptcy laws to protect working people, ban executive bonuses for bankrupt companies, and require disclosure of all pension investments.
• Cap Outlandish Interest Rates on Payday Loans and Improve Disclosure: Obama and Biden will extend a 36 percent interest cap to all Americans. They will require lenders to provide clear and simplified information about loan fees, payments and penalties, which is why they'll require lenders to provide this information during the application process.
• Encourage Responsible Lending Institutions to Make Small Consumer Loans: Obama and Biden will encourage banks, credit unions and Community Development Financial Institutions to provide affordable short-term and small-dollar loans and to drive unscrupulous lenders out of business.
• Reform Bankruptcy Laws to Protect Families Facing a Medical Crisis: Obama and Biden will create an exemption in bankruptcy law for individuals who can prove they filed for bankruptcy
because of medical expenses. This exemption will create a process that forgives the debt and lets the individuals get back on their feet.
because of medical expenses. This exemption will create a process that forgives the debt and lets the individuals get back on their feet.
On McCain's website, McCain does address the issues of bankruptcy laws. However, Senator McCain even voted against efforts to exempt Hurricane Katrina victims from the 2005 Bankruptcy Law, and was a supporter of the 2001 and 2005 bankruptcy bills which tightened bankruptcy rules to the benefit of business interests and to the detriment of financially struggling Americans.
This week McCain stated in order to to fix the economy and financial woes, he would a hire a commission.
Obama opposes this. In his speech, he stated that we ready know the problem and how the problem was created. Obama opposes the recent government bailouts of financial institutions.
On the sidebar is Votegopher.com widget that gives the issues that matter to you in this election. Click on the issue from both Obama and McCain to the view their positions.
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