Countdown to Change Tour Highlights Lincoln's Support from Wall Street

Press Release

COUNTDOWN TO CHANGE TOUR: LT. GOV. HALTER DECRIES CREDIT CARD VOTE

Lt. Gov. Halter Highlights Sen. Lincoln's Support From Wall Street And Her Votes Against Lowering Credit Card Interest Rates

Lt. Gov. Bill Halter continued his "Countdown to Change" tour today by highlighting Sen. Blanche Lincoln's pro-Wall Street record on deregulation and high credit card rates. Lt. Gov. Halter promised to defend the middle class and challenged her to explain her repeated votes against lowering credit card interest rates.

"Sen. Lincoln is out of touch with middle class families here in Arkansas," said Lt. Gov. Halter. "Just last month Sen. Lincoln voted to allow out-of-state credit card companies to charge Arkansans more than 17% interest. These rates are outrageous. In the Senate, I'll be on the side of the middle class, not credit card companies and big banks. Her helping out Wall Street banks by voting for high credit card rates is just the latest example of how out of touch she is with Arkansans."

On May 19, 2010, Sen. Lincoln voted to kill an amendment to the Wall Street reform bill that would have made banks and other card issuers abide by state interest rate caps. (Associated Press, May 19, 2010)

On May 13, 2009--during the depth of this recession--Sen. Lincoln voted to kill an amendment that would have placed a 15% ceiling on the interest rate that credit card companies can charge. (Senate Vote No. 191, 5/13/09)

In 2005, Sen. Lincoln voted to kill an amendment to the Bankruptcy Overhaul bill to place a 30% ceiling on credit card interest rates. (Senate Vote No. 20, 3/3/05) The industry's pretax profit climbed to about $39 billion in 2008 from $30.6 billion in 2005, according to CardTrak, a credit card research firm. (USA Today, Mar. 27, 2009)

Sen. Lincoln has taken more than $381,000 from commercial banks and $45,000 from credit card companies. (Opensecrets.org)

The "Countdown to Change" Tour began yesterday in North Little Rock and continued to Heber Springs, Mountain View, Clinton, and Morrilton before ending the day back in Little Rock.

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