Leech protection
SNYDER NEWS RELEASE
Washington, DC – The final conference report of the National Defense Authorization Act for FY07 will include a provision that limits the percentage rate on payday loans made to service members and their families. The House and Senate are expected to pass the conference report soon.
“Predatory lending not only hurts service members and their dependents, it is having an impact on our nation’s security,” said Rep. Vic Snyder of Arkansas, ranking member of the HASC Subcommittee on Military Personnel. “Service members in financial trouble, who have attempted to solve their problems through predatory lending, often find themselves deeper in debt, and in some cases their financial situations have led to the loss of security clearances, letters of reprimand, non-judicial punishment, and ultimately separation from the military.”
Servicemember protections provided in the provision include predatory lending coverage to any member on active duty regardless of deployment status, and regulations preventing creditors from charging annual interest percentage rates for loans that are higher than those of legal residents of the state and caps annual percentage rates at 36%.
On August 9, the Department of Defense issued a report that found “predatory lending practices are prevalent and target military personnel, either through proximity and prevalence around military installations, or through the use of affinity marketing techniques, particularly on-line.”
Comments
Thank goodness for Congressman Vic Snyder--the only member of the Arkansas congressional delegation who consistently does his constituents proud.
Shame on Congressman Mike Ross, who according to Arkansas Business has taken $10,000 from payday lenders for his re-election this year.
Shame on Dustin McDaniel, the Democratic nominee for attorney general, who according to Arkansas Business has taken $10,000 from payday lenders.
Shame on Mike Beebe, the Democratic nominee for governor who as attorney general should have cracked down long ago on these loan sharks, for taking $4,000 from payday lenders, according to Arkansas Business.
Finally, shame on the Arkansas Democratic Party for taking $37,500 (!) from payday lenders, according to Arkansas Business. This money goes to help elect Democratic candidates from the top of the ticket, including Beebe and McDaniel, to state legislative races.
Congressman Ross, Mr. McDaniel, Mr. Beebe and the Democratic Party: Do the right thing. Give back every red cent of this blood money. And pledge you'll not take another cent from these leeches. The money they gave you was sucked from the pockets of working Arkansans.
Any candidate who takes money from payday lenders, directly or indirectly, like Lady MacBeth will not be able to remove the red stain of the loan sharks, no matter how hard they might rub.
http://www.arkansasbusiness.com/article.aspx?aID=95466.79663.107604&cID=8&view=all
Posted by: muckraker![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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September 29, 2006 03:14 PM
Here's some great news!
Senate Wins Fight To Lower Allowable Amperage Levels On Detainees' Testicles
WASHINGTON, DC-Led by a bipartisan group of senators critical of White House policy on suspected terrorists, the Senate passed a bill Thursday that prohibits interrogators from exceeding 100 amps per testicle when questioning detainees. "Even in times of war, it counterproductive and wrong to employ certain inhumane interrogation techniques, and using three-digit amperage levels on the testicles of captives constitutes torture," said Sen. John Warner (R-VA), who has also supported reducing the size of attack dogs and the height of nude pyramids. "Using amperages of 99 and lower, with approved surge protectors on the jumper-cable clamps, are the hallmarks of a civilized society." The legislation did not address amperage restrictions on suspected terrorists' labia.
Posted by: Roland![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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September 29, 2006 04:56 PM