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Arguments for or against S. 192, anti-predatory lending act.

I need some help getting started with the following:

1. You are the legislative assistant to either U.S. Senator Bob Corker or a newly re-elected Al Gore, Jr. (your choice). Your boss has recently sent you a memo, asking your opinion on Senate Bill 192, also known as the Anti-Predatory Lending Act of 2011. This bill would prohibit banks from raising the interest rate they originally gave to a customer on any credit card for any reason. After S. 192 becomes law, if a bank no longer desires to offer a customer a credit card at the initially agreed-upon rate, the bank's only recourse would be to close the costumer's account, and then send that customer an offer for a new credit card at a higher interest rate.

2. Write a memo to your boss either in favor of or against S. 192. Make sure your memo includes a discussion of the laws that currently protect credit card customers, and whether or not you believe that these existing laws are sufficiently effective.

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This is really for the benefit of the consumer to protect the consumers against banks that use illegal predatory practices. The bill should be enacted and strictly enforced, in my opinion. This prevents a consumer from getting a mortgage or credit card and then prevents the banks from continually raising the interest rates, making it impossible for ...

Solution Summary

1. You are the legislative assistant to either U.S. Senator Bob Corker or a newly re-elected Al Gore, Jr. (your choice). Your boss has recently sent you a memo, asking your opinion on Senate Bill 192, also known as the Anti-Predatory Lending Act of 2011. This bill would prohibit banks from raising the interest rate they originally gave to a customer on any credit card for any reason. After S. 192 becomes law, if a bank no longer desires to offer a customer a credit card at the initially agreed-upon rate, the bank's only recourse would be to close the costumer's account, and then send that customer an offer for a new credit card at a higher interest rate.

2. Write a memo to your boss either in favor of or against S. 192. Make sure your memo includes a discussion of the laws that currently protect credit card customers, and whether or not you believe that these existing laws are sufficiently effective.

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