Posts Tagged ‘Congress’

I received notice from JP Morgan Chase yesterday that it’s tripling the annual percentage rate on my business line of credit. The hike was “in response to market conditions and to maintain profitability on your account.”

A NY Times report shows that JP Morgan Chase’s approved share of the first stimulus package is $25,000 million (see http://projects.nytimes.com/creditcrisis/recipients/table). And the purpose of that package was to do what again? Stimulate the economy by increasing the availability of credit? What Chase is doing is the opposite: discouraging small business borrowers from using their commercial lines of credit.

I thought Congress might like to know what Chase is doing with its stimulus package and have written to the relevant heads of the Senate and House committees. I encourage you to do the same if you, too, get a rate hike that has nothing to do with your behavior or credit. To make it easier, here are addresses:

Senator Max Baucus
Chairman, Senate Committee on Finance
511 Hart Senate Office Building
Washington, DC 20510

Senator Chuck Grassley
Ranking Member, Senate Committee on Finance
135 Hart Senate Office Building
Washington, DC 20510

Representative Barney Frank
Chairman, House Financial Services Committee
2252 Rayburn Building
Washington, DC 20515


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