Senator Barack Obama, vying for the Democratic presidential candidacy, vowed to change bankruptcy laws and cap interest rates during his campaign tour in Southern California, the Los Angeles Times reported Thursday.
During what his campaign dubbed a "Roundtable on Economic Opportunity" there, Obama called for an exemption in the 2005 bankruptcy bill for people who can persuade a bankruptcy court that they filed for bankruptcy because of debts caused by medical expenses.
His proposal also includes extending the 36-percent limit on payday loans to military members to all Americans; encouraging banks, credit unions and community development financial institutions to provide affordable short-term and small-dollar loans; establishing a credit card bill of rights and significantly increasing emergency pre-foreclosure counseling resources, the paper said
"California has the highest number of foreclosures in the nation, and the economic impact on this state is expected to be over 23 billion U.S. dollars," Obama said, who kicked off his California tour Wednesday.
Obama blamed the federal government for not regulating lenders.
"It's an example of how when the federal government falls down on the job and is listening more to the special interests than it is to ordinary working families that we end up getting into these kinds of crises," he was quoted as saying.
Obama has proposed to create a 10-billion-dollar fund to help prevent foreclosures, eliminate some taxes and fees for families who must sell their houses, and offer counseling to homeowners.
He also proposed changes in the consumer credit card industry. "People are getting caught in a credit card system that is unfair," he said, faulting "teaser rates" that skyrocket, interest charged on late fees and hidden fees.
With Obama winning Iowa and Hillary Rodham Clinton taking New Hampshire, California, one of the biggest prizes on the Feb. 5 "Super Tuesday" that features 22 nominating contests, becomes a crucial battleground in the Democratic race to choose a candidate for the November presidential election.
Source: Xinhua
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