Consumers Hit By Government

The Card Accountability, Responsibility and Disclosure Act or CARD was created to prevent banks from readily adjusting interest rates to consumers. It was begun in August 1910, and enforced by the Federal Reserve.

Millions of consumers of credit, however, have felt the effects of this creation. They now have been victimized with no such credit because of the practical impossibility of many banks to offer credit to certain risks under the imposed government conditions.

Note: The Federal Reserve has a primary function of keeping a stable dollar and a conflicting secondary job of maintaining full employment under the old Humphrey-Hawkins Act. It should not have to deal with this mess. (See the Earl J Weinreb NewsHole® comments.)