NEW YORK, Jan. 25, 2021 /PRNewswire/ — Today, Khaled Salem, the 2022 U.S. Senate candidate in New York, revealed an innovative consumer financial protection policy based on low interest loans. He urges President Biden and both houses of Congress to take up the idea, which involves extending debt consolidation loans to help families struggling with consumer debt to get back on their feet. Loans under the program envisioned by Salem could be up to $100,000.
“High consumer debt levels hold everyone back,” Salem explained. “It’s not just the people who have the debt who are in trouble. It’s also all the businesses they can’t support because they have no ability to spend. This program gives people a way to get on top of their debt and the ability to pay it off in a reasonable and fair way. Businesses have this option, but not consumers. We can change this and make a real difference in people’s lives as well as in the broader economy.”
As Salem sees it, facilitating low interest debt consolidation is a true win-win for everyone. The borrower gets a workable plan to get out of debt. The lender can recapture their loan principal and reduce their default risk exposure. Consumer-facing businesses will also benefit, as their customers will start buying again.
The proposed loan program does not have to cost the government very much money, either. It can be established through private banks, but with some government guarantees, interest rate subsidies and controls. “This should pay for itself easily,” Salem added. “The increase in tax revenue from rising consumer demand should offset the government investment in subsidizing low interest rate loans from banks.”
Salem also encouraged the new administration to issue an order to American embassies to stop discriminating against dual American citizens. According to Salem, “This problem falls into the category of behavior that is not supposed to be happening, but everyone knows is happening—what you might call an ‘open secret,’ and it needs to stop. President Biden can quietly request a State Department Inspector General investigation into the matter, and it would end very quickly.”
Then, pivoting to an issue that inflames the passions of New Yorkers perhaps more than any domestic or foreign policy for the USA, Salem offered a vision for better parking in New York city. The plan, the specifics of which shall be forthcoming, will make it easier to park in the city. Vehicle owners will have to worry less about getting tickets and all the constant hustling involved in finding a parking space.
Salem, who has lived for many years in Brooklyn, is known as a staunch defender of human and religious rights for Americans, both at home and abroad. He advocates for the release of American detainees in the Arab world and elsewhere. He also plans to introduce legislation to make immigration laws less restrictive.
Other key policy positions include:
- Laws and procedures to reduce domestic violence nationwide.
- A reduction in U.S. military activity and presence in the Middle East.
- A policy that requires these regions pay for American military services.
- The establishment of a home loan program for middle class single parents.
Salem is running in the next general election, scheduled for November 8, 2022. Thirty-four of the Senate’s 100 seats are being contested in these elections.
For more information, visit https://www.khaled2022forcongress.com/
Or visit https://www.facebook.com/Khaledforcongress/, https://twitter.com/KhaledYork, or https://www.khaled2022forcongress.com/donate
1518 348 6868
SOURCE U.S. Senate Candidate Khaled Salem