It may have sounded like music to the ears of Move Your Money proponents.
Chants of "move those dollars" and "move that money" rang out last week in the Hart Senate Office Building during an event for supporters of the Metro Industrial Areas Foundation. The group is spearheading a 10 Percent Is Enough campaign to fight usury, the practice of charging excessive interest rates and fees. They had reason to celebrate, with the announcement that Massachusetts would move nearly a quarter of a billion dollars away from banks that refused to cap their interest rates to meet a state guideline of 18%.
The Move Your Money campaign kicked off earlier this year on the Huffington Post, encouraging consumers to put their money in community banks rather than supporting too-big-to-fail institutions.
Both campaigns share key principles, including the power of consumers to "vote with their feet" and the idea that businesses -- particularly banks -- can be successful without taking advantage of their customers.
WATCH THE "MOVE THOSE DOLLARS" VIDEO:
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