House Preparing To Legalize Payday Loans With 391% APRs | WHAT REALLY HAPPENED

House Preparing To Legalize Payday Loans With 391% APRs

A House subcommittee wants to legalize payday loans with interest rates of up to 391%. Lobbyists from the payday industry bought Congress' support by showering influential members, including Chairman Luiz Gutierrez, with campaign cash. The Congressman is now playing good cop, bad cop with the payday industry, which is pretending to oppose his generous gift of a bill.

Congressman Gutierrez is competing with Congressman Joe Baca to see who can author the biggest giveaway. Baca's legislation would allow rollovers, higher fees for online banks, and would pre-empt state laws banning payday loans.

Webmaster's Commentary: 

When one talks about corporations "acquiring" Congress members, the situation here could not possibly be more "in your face" to American taxpayers than this one.

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