On February 11, the finance institutions and credit rating Subcommittee for the House Financial solutions Committee will hold a hearing entitled вЂњShort-term, tiny Dollar Lending: the CFPBвЂ™s Assault on usage of Credit and Trampling of State and Tribal Sovereignty.вЂќ
In the event that you could maybe not inform through the name alone, the hearing is certainly not meant shed any light from the debt trap numerous borrowers are in after taking right out payday along with other short-term, high-interest loans. Alternatively, the payday lending industryвЂ™s allies in Congress are keeping this sham of the hearing to strike the customer Financial Protection Bureau (CFPB) since it makes brand brand new rules to rein inside worst of those predatory loan providers.
Those being called to testify are allies of the payday lending industry like the Members of Congress organizing the hearing. They consist of:
Greg Zoeller: IndianaвЂ™s Attorney General Has Raked in $23,000 in Campaign money from Payday Lenders Since 2010, Including a $1000 share to their Nascent House Campaign significantly less than 3 Months Ago
Ace Cash Express is certainly one of Six PACs to own provided to ZoellerвЂ™s Congressional Campaign to date
Thomas Miller: Scholar at Mercatus Center, a George Mason University Think Tank funded and founded by the Koch Brothers
Thomas W. Miller Is A visiting scholar utilizing the Mercatus Center at George Mason University.
вЂњThomas W. Miller, Jr., is a visiting scholar with the Mercatus Center at George Mason University, whoever scientific study is targeted on foreclosures for the venture for the research of American Capitalism and a project on little buck loans for the Financial Markets performing Group. Continue reading “Cash Speaks: Meet Up With The Payday Business Cronies Testifying at TodayвЂ™s Sham Congressional Hearing”