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State Treasurer Cahill Meets with 400 GBIO Leaders and Commits to GBIO's Moving the Money Strategy |
State Treasurer Timothy Cahill met with 400 GBIO leaders and committed to divesting over $100 million of Massachusetts dollars out of Bank of America if it will not follow state usury laws. Cahill also announced that he has arranged a meeting with GBIO leaders and the Bank of America’s Chief Marketing Officer, Anne Finucane, to negotiate an agreement. When asked if he would begin divesting if Finucane did not initiate the process of lowering Bank of America’s interest rates by April 14th, Cahill responded, "That seems like a perfectly reasonable deadline." Additionally, Cahill agreed to either come himself or send a top staff member of the Treasurer’s office to represent him at a national hearing that GBIO and its sister organizations across the country are holding in Washington, D.C. to put pressure on banks and federal legislators to put a cap on consumer interest rates nationally.
At the same action, Candidates for Treasurer - Steve Grossman and Stephen Murphy - each committed to making moving state money into banks that abide by the state usury limit of 18% a key component of their campaign and their tenure as treasurer, if elected. Moreover, both candidates committed to meeting with GBIO leaders within 30 days, if elected. Candidate Karyn Polito did not show.
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