Navarro accuses Biden of siding with credit card companies against consumers with 2005 bankruptcy bill
White House trade adviser Peter Navarro on Sunday called Democratic presidential candidate Joe Biden an ally of credit card companies to average Americans.
Navarro criticized Biden’s support for the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), which critics say has made it much harder for Americans to get out of debt.
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“He likes to say he’s the guy, the kid from Scranton, but he’s spent all of his years in Delaware, hasn’t he?” What is Delaware? Navarro said on “Sunday Morning Futures”. Joe Biden got his start lobbying credit card companies. “
Navarro pointed out that Senator Elizabeth Warren launched a similar line of attack against Biden during the Democratic primary. Nevertheless, Warren approved Biden in April.
“[BAPCPA] kept people with heavy student loans and credit card debt from being able to file for bankruptcy, and that was something Liz Warren was really angry with, ”Navarro said.
Biden’s connection to the credit card companies was a thorn in the side in 2008, when he was selected as running mate. The financial services and credit card company MBNA was Biden’s largest contributor for two decades and hired Biden’s son Hunter Biden in the 1990s, ProPublica reported during the 2008 presidential race.
“Hunter, where’s Hunter?” Navarro said Sunday. “In 1996, Hunter became a paid employee of America’s largest credit card company, then five years later went to work as a lobbyist for that industry and still received $ 100,000 a year from MBNA.”
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MBNA is now owned by Bank of America.