The Program on Financial Regulation & Technology at George Mason University’s Antonin Scalia Law School held a live webinar on “Consumer Debt in America: What Would Rate Caps and Student Loan Forgiveness Mean?”
As an election year approaches, prominent politicians have raised alarms and demanded action to control rising consumer debt and the operation of consumer lending markets. One proposal calls for capping interest on consumer loans at rates as low as 15 percent. Others call for government to provide student loan forgiveness or expanded opportunities for student loan discharge in bankruptcy.
What is the basis for these proposals, and how would they work? How big a hit would they impose on the federal budget and the national economy? What impact could they have on the future availability of consumer credit? Our expert panelists discussed and debated these and other questions.
Ashley Harrington, Senior Policy Counsel, Center for Responsible Lending
Karen M. Thomas, Senior Executive Vice President, Government Relations & Public Policy, Independent Community Bankers of America
Thomas P. Vartanian, Professor of Law, George Mason University Antonin Scalia Law School and Executive Director, GMU Program on Financial Regulation & Technology