Yesterday, Senator Elizabeth Warren offered a new bill that prohibits employers from looking at credit reports when hiring.
Big financial institutions often abuse consumers and wrongly downgrade our credit.
Also, people looking for jobs shouldn’t get penalized for losing their home in the 2008 Wall Street collapse. We should be helping them succeed.
When employers use credit reports in hiring, they often reject very qualified people. This practice disproportionately hurts minorities and the working poor, and keeps people unemployed.
Our nation should get these people back to work instead of penalizing them.
Senators Richard Blumenthal (D-CT), Jeanne Sheehan (D-NH), Ed Markey (D-MA), Patrick Leahy (D-VT), Sheldon Whitehouse (D-RI), and Sherrod Brown (D-OH) all understand this and have signed onto Warren’s new bill.
Laws like this one are causing the wide increase in inequality because they make it nearly impossible for the poor to escape from poverty. Other laws in this category include student loan and felony which makes it impossible for people who have been convicted of crimes and served terms in prison to escape poverty.
Do you think this is a good development?
