WASHINGTON-Senate Banking Committee Chairman Paul Sarbanes (D-Md.) spoke at the National Press Club last week on the importance of economic and financial literacy. The summit was hosted jointly by the National Council on Economic Education and the Federal Reserve. Sarbanes has been a strong advocate of financial literacy in America, hosting two congressional hearings recently, and just this month introduced legislation to combat predatory lending. Predatory lenders typically pick out borrowers not particularly knowledgeable about the lending process and take advantage of their ignorance by gouging them with high fees and interest rates. Other issues the chairman discussed include international remittances and credit card debt, which are of great interest to credit unions.
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