Guaranteed Fixed Income Interest Rate
Whereas, the late Jack Layton wanted banks to lower credit card rates through law, but it was against the bank's liberty;
Whereas, the late Jim Flaherty telephoned banks to hold their interest rates, which violated their liberty;
This Private Member's Bill titled GFIIR, Guaranteed Fixed Income Interest Rate, is a government program opted in by banks and people receiving federal or provincial issued monthly fixed income (seniors, disabled etc).
Banks would offer low interest rates (approx 5%) for Credit Cards and Lines of Credit, in exchange for government guarantees that the minimum monthly payment will be sent directly from the government to the bank, if one monthly payment is missed by the bank's client enrolled in the program. The client will continue to receive a fixed monthly income deposit from the government, minus the minimum monthly credit payment issued to the bank.