Prof. Christopher Peterson is scheduled to speak Wednesday at a White House roundtable discussion on the financial literacy of consumers. The program begins at 1:00 Mountain Standard Time.
Peterson’s talk will be drawn from his recent national research into the legal limits on interest rates in 1965 and 2007, based on laws in all 50 states. Peterson found that so-called usury laws — laws capping interest rates based upon on religious or moral precepts — had become increasingly lax and misleading, while the rates themselves had skyrocketed. Peterson’s piece, titled “Usury Law, Payday Loans, and Statutory Sleight of Hand,” is to be published in a forthcoming edition of the Minnesota Law Review.
The White House roundtable is titled “Compassion in Action: Financial Literacy.” It is presented by the Bush Administration’s office of Faith Based and Community Initiatives and the President’s Council on Financial Literacy.