pledge to sign the Bank on Students Loan Fairness Act

The justification of near zero rates of interest for the banks is that they will make loans available that will stoke the economy, but quite the opposite has happened. The banks have been slow to make housing and business loans while feathering their own nests with outsized executive bonuses and costly acquisitions of other financial institutions. In contrast, student loans amounting to more than $1 trillion exceed the total outstanding credit card debt in the U.S. and represent a major contributor to consumer purchasing power.Students actually spend their loan money on surviving as consumers in a tight economy, while learning skills needed for the economy of the future. On the other hand, the already too-big-to-fail banks have used the government’s free money to become even more powerful.