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2/17/2010
Freshman Dems covering their backsides
It’s cover your backside time. This Payday Lending bill (AB 447) is at best, a half-way measure. Some would argue it’s worse for consumers than nothing at all. FP talked about the badly tainted bill Monday – and urged you to call your Representative. Perhaps some of you did just that, because Freshman Representative Penny Bernard Schaber (D-Appleton) decided she needed to at least make a show of objecting to one failure of the bill (there are several) - the lack of a rate cap in the final compromise.
According to Bernard Schaber’s press release yesterday:
MADISON – Today Assembly Democratic Freshmen introduced an amendment to the Responsible Lender Act to cap payday loan interest rates at 36 percent. Joined by her other democratic colleagues, Representative Penny Bernard-Schaber (D-Appleton) offered the amendment to AB 447 to show this bill does not go far enough for protecting consumers.
Rep. Bernard Schaber shared her thoughts on the amendment. “Assembly freshmen supported stronger reform measures from day one and we will continue pushing for this change. This amendment shows that Assembly members will not support legislation without stronger consumer protections. We all agree that this is a good step in the right direction, but Wisconsin consumers deserve more.”
So Assembly Democrat Freshmen know they’re vulnerable for the desperate votes they’ve taken on lots of issues during this session – and at least on this one they can make a few protest noises.
Ok. So any vulnerable Assembly Dems (and Republicans, for that matter) get to vote for an interest rate cap via a last-minute amendment. The release doesn’t tell you the amendment failed 56-41. (Embattled Assembly Speaker Mike Sheridan voted to table the amendment, continuing to reject the rate cap.)
Bernard Schaber again:
Assembly freshmen supported stronger reform measures from day one and we will continue pushing for this change. This amendment shows that Assembly members will not support legislation without stronger consumer protections. We all agree that this is a good step in the right direction, but Wisconsin consumers deserve more.
Well, the valiant representative swallowed hard I’m sure, and supported the final legislation, voting for the compromised, tainted bill – with no rate cap. Imagine that. Yes, indeed, Wisconsin consumers deserve more.
Jo Egelhoff, FoxPolitics.net
COMMENTS
It's now widely known, but apparently not widely enough, that the proposed rate cap would simply destroy the pay-day loan industry. Imagine that you need $200 for two weeks. The proposed 36% cap on interest would mean that the hated pay-day loan folks would collect $1.38 in interest. Nobody -- absolutely nobody -- reading this would loan me $200 for two weeks simply upon my promise to repay $201.38.
Oh well, so the people who face a real need are denied help by do-gooders in Madison, and the pay-day loan folks are unemployed. It seems the only thing that saves us from bad legislation is a blizzard which shuts down the city!
Zahn (Wed Feb 17 13:38:38 2010)
Question, does the bill count transaction fees as interest or they separate?
dave allen (Wed Feb 17 14:55:01 2010)
Jo
You Claim The Dems are trying to Protect their backsides on this issue?
Wouldn't that mean all The GOPers who voted against all payday loan regulation are wrong??
Skip (Thu Feb 18 09:49:03 2010)
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