The biggest banks in the country—the ones that wrecked our economy and cost millions of Americans their jobs—pay next to nothing on the debt they owe the government, while students pay nine times as much. That isn’t right.
That’s why I’ve introduced the Bank on Students Loan Fairness Act to let students take advantage of the same low rates offered to banks for one year while Congress finds a fair, long-term solution on student loan interest rates.
The interest rate on federal subsidized Stafford student loans is set to increase from 3.4% to 6.8% on July 1st. If Congress doesn’t act soon, millions of college students will see their student loan payments jump.
Some argue that it’s too expensive to keep government loans at low interest rates, but the federal government makes low interest loans all the time—just not to everyone. Big banks can borrow money through the Federal Reserve discount window at a rate of about 0.75%.
That’s why I started a petition on MoveOn‘s petition site which says:
Wall Street banks—the ones that wrecked our economy—should not be getting a better interest rate on their government loans than young people trying to go to college.
This petition was created on MoveOn’s online petition site, where anyone can start their own online petitions. Senator Elizabeth Warren didn’t pay us to send this email—we never rent or sell the MoveOn.org list.
Incredible! More than 325,000 MoveOn members have signed on in support of Senator Elizabeth Warren’s first bill—the Bank on Students Loan Fairness Act. Will you join them? Click here to sign.
Get this: Student loaninterest rates are about to double to 6.8 percent. But big banks? They’re getting a sweet, sweet deal on borrowing money from the Fed: 0.75 percent.
No, that’s not a typo. Students will be paying 900 percent more than the biggest banks on Wall Street to borrow money.
“As a country, every time we advance money to the big banks at low interest rates, we invest in those banks. We should be making at least that same kind of investment in our students.”
She’s right — and she just introduced her first bill to the Senate to fix this absurdity.
Back up Sen. Elizabeth Warren — become a citizen co-sponsor of her bill to give students the same ultra-low interest rates as big banks.
Sen. Warren Introduces the Bank on Students Loan Fairness Act
Published on May 8, 2013
Senator Warren Introduces the Bank on Students Loan Fairness Act, her first piece of stand-alone legislation, on May 8, 2013. The bill would would 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. The full text of Sen. Warren’s remarks may be found here:http://1.usa.gov/143CUcs
On July 1st, the interest rate on new federal student loans is set to double from 3.4% to 6.8%. That rate is nine times higher than the rate at which the government loans money to the big banks.
That just doesn’t make sense. The federal government is profiting off loans to our young people while giving a far better deal to the same Wall Street banks that crashed our economy and destroyed millions of jobs.
That’s why I’ve introduced the Bank on Students Loan Fairness Act as my first bill in the Senate: To allow students to borrow money at the same rate as the biggest banks.
College students carry more than $1 trillion in student loan debt, more than all the credit card debt in the country.
That’s a crushing burden on our kids and a crushing burden on our economy. Today’s graduates aren’t just delaying buying a home and starting a family — they’re moving back home with mom and dad and struggling to create some economic security.
The big banks that crashed our economy receive loans from the federal government at a rate of only 0.75% — that’s right, three-quarters of ONE percent. If Congress doesn’t act by July 1, our students will pay nine times more than big banks. Our students are the engine of our economic future, and they deserve at least the same deal as Wall Street.
Students don’t get the same Too Big to Fail guarantee as the big banks. But even though some students can’t pay their loans, overall the government is making 36 cents on every dollar we put into the student loan program. Next year, student loans are expected to bring in $34 billion.
Why should the big banks get a nearly-free ride while people trying to get an education pay nine times more? It isn’t right.
P.S. Loan rates double in less than two months. We can’t afford to wait – sign on today.
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Last Thursday in Washington, D.C., I joined 30 OFA volunteers and three gun violence survivors as they delivered our petition to Congress with more than 1.4 million signatures. It was an amazing day, and a reminder that we’re nowhere near done with this fight.
The vast majority of Americans support expanded background checks for gun sales—more than 1.4 million people signed our petition demanding action from Congress.
Watch this video of the petition delivery—then add your name to say you won’t back down from this fight
OFA volunteers deliver 1.4 million signatures to Congress
Senator Reid even tweeted: “Today, we received a petition from over 1.4 million Americans who demand action on background checks. This fight is not over.”
I am more confident than ever that, if we keep working and making our voices heard, we can and will win this. The petition delivery was a big moment — but it’s not the end of this fight.
Watch the video and say you’re ready to stay at it:
Jon Carson
Executive Director
Organizing for Action
@JonCarsonOFA
P.S. — One of the most exciting parts of the day was completely spontaneous: Pam Simon, a survivor of the Tucson shooting, ran into her senator, Jeff Flake, and talked with him about his no vote. Read what happened next.
MOMS DEMAND ACTION FOR GUN SENSE IN AMERICA LAUNCHES NEW VIDEO AFTER SENATE FAILS TO ACT
Moms Demand Action has launched another video to spur new action by the public after the Senate recently failed to pass common-sensegun laws. The video, “How many more rounds, part II?,” highlights the fruitless conversation our nation has had for decades about the need to establish new and stronger gun laws, despite the shooting tragedies our nation endures more and more frequently. In fact, not a single stronger federal gun law has been passed since the Columbine tragedy more than a decade ago. The video ends with the message, “How many more rounds are we going to let this go on for?” along with a phone number to the Capitol switchboard.
“Deja Vu” – Moms Demand Action for Gun Sense In America
Published on Apr 29, 2013
Moms Demand Action was founded to demand action NOW to:
1) Ban assault weapons and ammunition magazines that hold more than 10 rounds.
2) Require background checks for all gun and ammunition purchases.
3) Report the sale of large quantities of ammunition to the ATF, and ban online sales of ammunition.
4) Make gun trafficking a federal crime with serious criminal penalties.
5) Counter gun industry lobbyists’ efforts to weaken gun laws at the state level.
For the mothers of America, this is not the end. It is just the beginning.
The mothers of America are sickened by our elected leaders’ inability to enact bipartisan, common-sense gun reforms supported by 90 percent of the American people. But we are not defeated. If this Congress will not protect our children and families, we will find one that will. The Senate vote only strengthens the resolve of American mothers who are rising up to fight the influence and power of the gun lobby in this country. For the mothers of America, this is not the end. It is just the beginning: learn more
Weekly Address: Time to Replace the Sequester with a Balanced Approach to Deficit Reduction
President Obama says that because Republicans in Congress allowed a series of harmful, automatic budget cuts—called the sequester—to take effect, important programs like Head Start are now forced to reduce their services. After travelers were stuck for hours in airports and on planes this past week, members of Congress passed a temporary band-aid measure to stop the cuts that impact airlines — but they must do more to stop cuts to vital services for the American people. That’s why it’s time for a balanced approach to deficit reduction that makes smarter cuts and reforms in the tax code while creating jobs and strengthening the middle class.
Teacher of the Year: On Wednesday, the President invited the state and national teachers of the year to the White House. Jeff Charbonneau from Zillah, Washington received the honor of the 2013 National Teacher of the Year. Over a decade ago, Zillah High School did not have a single engineering class and a struggling science curriculum, but 11 years ago Charbonneau returned to his hometown to teach at Zillah High School determined to change this. Today, science enrollment is up and students are graduating with college-level science credits. The President thanked all of the educators for their hard work and commitment in the classroom.
I want you guys to know that the country appreciates you. The kids appreciate you. The parents appreciate you. What you do matters. It’s critical to our success as a country, but most importantly, it’s critical to those kids themselves. I cannot think of something more important than reaching that child who maybe came in uninspired, and suddenly, you’ve inspired them.
Today our prayers are with the families of all who we’ve lost — the proud sons and daughters of West whose memories will live on in our hearts. Parents who loved their kids and leaders who served their communities. They were young and old, from different backgrounds and different walks of life.
George W. Bush Presidential Library: On Thursday, thePresident and the First Lady traveled to Dallas for the dedication of the George W. Bush Presidential Library. President Bush was joined by former Presidents Jimmy Carter, George H.W. Bush, and Bill Clinton, as well as former First Ladies Roslyn Carter, Barbara Bush, Hillary Clinton, and Laura Bush. President Obama thanked President Bush for his service and love of country, while also pointing out his personality.
“He knows who he is,” said President Obama. “He doesn’t put on any pretenses. He takes his job seriously, but he doesn’t take himself too seriously. He is a good man.”
National Park Week:Last Saturday marked the start of National Park Week, an annual tradition celebrating our country’s great natural beauty and cultural landscapes. By being involved, you can help preserve the beauty, history and values of America and protect national parks for future generations.
There are national parks located in and around America’s major cities, including San Francisco, New York City, Santa Monica, Chicago, St. Louis, Miami, San Antonio, Baltimore and Washington, DC.
All in all, this has been a tough week. But we’ve seen the character of our country once more. And as President, I’m confident that we have the courage and the resilience and the spirit to overcome these challenges — and to go forward, as one nation under God, indivisible, with liberty and justice for all.
President Barack Obama talks with King Abdullah II of Jordan during a bilateral meeting in the Oval Office, April 26, 2013. (Official White House Photo by Pete Souza)
The Week Ahead:
Monday: President Barack Hussein Obama will deliver remarks at the National Academy of Sciences 150th Anniversary.
Tuesday: As part of the Joining Forces initiative, President Barack Hussein Obama, Vice President Biden, First Lady Michelle Obama and Dr. Jill Biden will make a significant employment announcement for veterans and military spouses. This event will take place at the White House.
Wednesday: President Barack Hussein Obama will attend meetings at the White House.
Thursday: In the morning, President Barack Hussein Obama will depart Washington, DC for his visit to Mexico and Costa Rica.
Friday: In the afternoon, President Barack Hussein Obamat will depart Mexico for Costa Rica.
Saturday: In the afternoon, President Barack Hussein Obama will depart Costa Rica and return to Washington, DC.
Sunday: President Barack Hussein Obama will deliver the commencement address at Ohio State University. He will return to Washington, DC, later that day.
President Obama’s Bilateral Meeting with His Majesty King Abdullah II of Jordan
April 26, 2013 | 10:50 | Public Domain
President Obama and His Majesty King Abdullah II of Jordan speak to the press before a bilateral meeting in the Oval Office.
President Obama today welcomed His Majesty King Abdullah II of Jordan to the White House, where the two leaders once again discussed the very urgent issues impacting that country, and the rest of the world.
President Obama met with the Jordanian leader last month on his trip to the Middle East, and this afternoon he thanked the King for his “extraordinary” hospitality, and praised his efforts to foster democratization, entrepreneurship and economic development inside Jordan. In remarks to the press before their bilateral meeting, the President said that he believes Jordan can be an “extraordinary model for effective governance in the region.”
We have to act prudently. We have to make these assessments deliberately. But I think all of us, not just in the United States but around the world, recognize how we cannot stand by and permit the systematic use of weapons like chemical weapons on civilian populations.
So this is going to be something that we’ll be paying a lot of attention to — trying to confirm, and mobilize the international community around those issues.
President Barack Obama and King Abdullah II of Jordan make statements to the press prior to a bilateral meeting, in the Oval Office, April 26, 2013. (Official White House Photo by Pete Souza)
Today’s report indicates that the economy posted its fifteenth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew at a 2.5 percent annual rate in the first quarter of this year, according to the “advance” estimate released by the Bureau of Economic Analysis. Over the last fifteen quarters, the economy has expanded by 8.3 percent overall, and the private components of GDP have grown by 12.2 percent. Real GDP is now 3.2 percent larger than it was at the previous business cycle peak in 2007:Q4. While there is more work to be done, this report, together with other economic indicators, provides further evidence that the economy is moving forward in the right direction.
It is important to recognize that GDP is made up of various components. Personal consumption expenditures, for example, rose by 3.2 percent at an annual rate in 2013:Q1, the fastest rate in over two years. Residential investment grew by 12.6 percent last quarter and has increased for eight quarters in a row, its longest streak since 2004-2005. Federal defense spending fell 11.5 percent at an annual rate in 2013:Q1, while federal non-defense spending declined at a 2.0 percent rate and state and local government purchases fell at a 1.2 percent rate.
The “advance” estimate of first quarter GDP growth encompasses the first month after sequestration began on March 1. It is likely that the contraction in Federal defense and non-defense spending, at least in part, reflects the onset of sequestration. These arbitrary and unnecessary cuts to government services will be a headwind in the months to come, and will cut key investments in the nation’s future competitiveness. The Congressional Budget Office has estimated that the sequester will reduce GDP growth by 0.6 percentage point for the year.
Now is not the time for Washington to impose self-inflicted wounds on the economy. The Administration continues to urge Congress to replace the sequester with balanced deficit reduction, while working to put in place measures to put more Americans back to work, like rebuilding our roads and bridges and promoting American manufacturing. The President will continue to work with Congress to act on measures he called for in the State of the Union to promote job growth, ensure workers have the skills they need to compete, and help hardworking Americans make a decent living.
RT @CosimaZehring: @MrMilitantNegro At least you seem to channel your anger into being productive. I just seethe. Hopefully, you give your …Still A MilitantNegro 4 hours ago
Jueseppi B.
