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First International IAF Action is Against Usury |
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Industrial Area Foundation affiliates in the United States and UK London Citizens advocacy groups in England staged the first international action on July 22, 2009 in support of the IAF's 10% is Enough International Campaign to End Usury. Actions protesting usury, the practice of charging very high interest rates on bank loans and other forms of monetary assistance, were held simultaneously in London and five U.S. cities: New York, Boston, Chicago, Washington, and Durham. The goal of the actions was to urge CEOs of major national banks to meet with IAF or London Citizen representatives to discuss capping interest rates at 10%. Click here to view a documentary video of the campaign. A background paper prepared by Metro IAF outlines the moral and economic imperatives for reinstating laws against usury. Anti-usury sentiments are prominent in the Bible (the Torah and the Christian Testament) and the Qu'ran. Recent elimination of anti-usury laws and deregulation of the banking industry has contributed to the current economic crisis by redirecting investment from the manufacturing sector to the financial sector. In the push to maximize their profits, financial institutions have weakened the U.S. economy by burdening individuals and companies with crippling financial indebtedness that has driven manufacturing industries and jobs overseas. |  |
Prior to the international action, the IAF and London Citizen sent letters to major U.S. banks and the Royal Bank of Scotland requesting meetings with bank CEOs. The CEOs had been given until the end of July to agree to participate in a meeting with IAF representatives. Participants in the July 22 action visited local bank branches and urged bank officers to contact the office of the CEO to schedule a meeting with representatives from the activist groups. Metro IAF coordinated the action in Washington, D.C., which was attended by representatives from local IAF affiliates in Washington, Northern Virginia, and Montgomery  | and Howard counties in Maryland, as well as Baltimore’s BUILD. Howard County-based PATH (People Acting Together in Howard) was represented by 12 members, and two of them were from the CUCC community. After convening for a rally at the New York Avenue Presbyterian Church, participants formed smaller groups and visited local branches of Bank of America, JP Morgan Chase, Wachovia/Wells Fargo, Citibank, and Capital One. In response, some regional vice presidents but no CEOs from these banks have offered to meet with IAF representatives. However, on a more promising note, other banks that have not been targeted have requested meetings with IAF. |
US and UK media reports on the July action can be found at these links: Boston, Chicago, Durham, New York, Washington, and London. Jonathan Freedland posted this article in UK's The Guardian. The campaign received an endorsement from the nonprofit grassroots organization Center for Community Change. Visit 10%IsEnough for updates on the campaign's progress and how you can get involved or make a financial contribution. |
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Last Updated ( Tuesday, 18 August 2009 )
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