Oh, this will work greeeaaaat. Because people who consistently rely on others for their financial "security" definitely have what it takes to run a business. /sarc

Didn't this kind of happen in another format to some extent with the government-backed mortgage business? I never understood how it was constitutional for the government to get involved in home loans, but that's just crazy me.

That a banking act would be loaded with socialism is no surprise. As is described eloquently (but not briefly) with many historical examples in The Creature from Jekyll Island, the goal of the bankers is to make everyone worldwide subservient to them by putting them permanently into debt.

"The main characteristic of socialism (and of communism) is public ownership of the means of production, and, therefore, the abolition of private property. The right to property is the right of use and disposal." Capitalism: The Unknown Ideal
This is just one more collectivist pipe dream destined for failure. It will end like the Twentieth Century Motor company.

How about instead, have a law that separates government force and economics.

Why not? Our currency is worth about as much as a wisp fart anyway. The only problem is that when everything fails due to this crap, you know who they will be coming to for help.

Cause GM and Chrysler are working out so well no doubt.

Vermont’s Senator Bernie Sanders brings this up every once and awhile. He is a socialist and this has zero chance of being passed.
Looky
https://www.govtrack.us/congress/bills/1...