Video archive of the US Congress

Senate Proceeding 05-19-10 on May 19th, 2010 :: 3:04:40 to 3:07:15
Total video length: 5 hours 12 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

3:04:25 to 3:04:46( Edit History Discussion )

Johnny Isakson: whitehouse amendment and out of an abundance of caution to be sure my statement's in the record i want to speak to that amendment for just a second. i have the greatest of respect for the gentleman from rhode island and for all of his work, mr. whitehouse. but the amendment that he has proposed basically says that the usury rate to apply to any loan

Johnny Isakson

3:04:40 to 3:07:15( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

3:04:47 to 3:05:08( Edit History Discussion )

Johnny Isakson: shall be the usury rate in state, which will take us back to a period of time post 1982 or 1983 when interest rates went to 16.75% and because usury rates in the united states were 8%, 9%, 10%, most of the states, there was no money. usury rates are the maximum ceiling that a loan can do.

Johnny Isakson

3:05:09 to 3:05:32( Edit History Discussion )

Johnny Isakson: now we have south dakota and delaware where there are no usury rates, most banks are chartered there rates on loans are competive. there are a lot of people in public life who think if you put a ceiling on interest rates, you're granteeing the consumer they're not going to pay a high rate. you usually guarantee the

Johnny Isakson

3:05:33 to 3:05:55( Edit History Discussion )

Johnny Isakson: consumer to pay a fixed rate. ceilings -- floors set by government become ceilings and ceilings by governments become rates. so i want to caution the body in considering the whitehouse debate to be very careful what you can is for. because what you will do is you'll put an end to credit in the housing business and in many other types of instruments in the united states and you'll

Johnny Isakson

3:05:56 to 3:06:16( Edit History Discussion )

Johnny Isakson: have 50 different usury regiments in 50 different states an key the ate a mixed rate environment by the government, not by the competion you'll have a rise in the cost of credit. a rise in the cost to the consumer. in the entered what is intended to be beneficial to the consumer will, in fact, cost the consumer

Johnny Isakson

3:06:17 to 3:06:37( Edit History Discussion )

Johnny Isakson: more money and be disastrous to the expansion of credit in a time when there is very little credit as it is. so i would respectfully ask the body to consider what we went through in the mid 1980's and early 190's with interest rates, we hope they won't go up again, but if they do, credit is more important than no credit at all. and usury rates can assure you

Johnny Isakson

3:06:38 to 3:07:01( Edit History Discussion )

Johnny Isakson: have no credit at all an end up having the unintended consequence of havin a negative impact on the economy. i would oppose the whitehouse amendment should it come up?? tonight and i hope the members of the body will consider the history lesson from the 1980's. i yield back and note the absence of a quorum. the presiding officer: the clerk

Johnny Isakson

3:07:09 to 3:07:14( Edit History Discussion )

Johnny Isakson: will call the roll.

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