Senator Elizabeth Warren is still at it, overturning the tables of the moneychangers in Washington DC.
Today, Senator Warren just introduced the Bank on Students Loan Fairness Act, her first piece of stand-alone legislation.
The bill would allow students who are eligible for federally subsidized Stafford loans to borrow at the same rate the big banks get through the Federal Reserve discount window.
If Congress does not act, July 1, 2013 the interest rate paid by student borrowers will double from 3.4 to 6.8 percent. Double.
Meanwhile, the big banks, you know, the same big banks that wrecked the economy, can get a preferred rate of .75%.
Warren’s bill proposes that students be able to get the same preferred rate as the big banks.
This is in line with the biblical trajectory on charging interest. Remember: ““If you lend money to any of my people with you who is poor, you shall not be like a moneylender to them, and you shall not exact interest from them.” Exodus 22:25
Or at least no more than .75%!
The full text of Sen. Warren’s remarks may be found here.