Protect our troops from instant lenders (house, dec 7th)

[The Straight Story]

PROTECT OUR TROOPS FROM INSTANT LENDERS -- (House of Representatives - December 07, 2004)

GPO's PDF

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(Mr. EMANUEL asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. EMANUEL. Mr. Speaker, today's New York Times reports on instant payday lenders who set up shop outside the gates of our military bases and charge staggeringly high interest rates to our troops. The Times found 200 payday lenders surrounding the Norfolk and Hampton naval bases in Virginia, two dozen surrounding the Marine Corps base at Camp Pendleton, California, 36 located within 3 miles of Fort Lewis, in Washington State, and one is even located on the edge of a small parking lot near a base.

One example is of a Navy petty officer and her husband who borrowed $500 with an annual interest rate of 390 percent. This couple racked up $4,000 in debt, and their house was foreclosed upon.

In September, this body passed a bipartisan piece of legislation, which I sponsored, to protect our troops from high-cost contractual mutual funds and life insurance policies that they need not have gotten. Unfortunately, before we left, the Senate did not take up this legislation. I would hope that today's article would add an impetus that the House again, in the Committee on Financial Services, take up the legislation, pass it again, and move it over to the Senate so we can protect the men and women who have served our country so proudly.

Mr. Speaker, it is our duty to provide them the type of services and stability they expect in return for the dangers they face and the financial burdens they willingly assume in order to serve.

http://thomas.loc.gov

[NVMojo]

1. the parasites bred in today's neoconomy are thicker than

ever before....