Cross-posted from Mike's campaign blog
For those who have been following my campaign for a while, you know I believe we need to clamp down on all predatory lenders in this state -- something that Wayne Scott, Salem's chief obstructionist, has fought against almost since the outset of his legislative career.
These short-term lenders prey upon hard-working families in our communities making it difficult, if not impossible for them to escape from the spiral of debt. Among these families are countless members of our military, and as The Oregonian reports today, the Department of Defense does not think our legislature is doing near enough to protect our fighting men and women from these predatory lenders.
The U.S. military has taken aim at payday, car title and other "predatory lenders" in a new report that argues regulations broader than Oregon's are needed to protect service members.
"Predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all-volunteer fighting force," says a Department of Defense report.
The report urges Congress to pass strict, sweeping regulations on the consumer lending industry, including a 36 percent cap on annual interest rates for loans made to service members.
[...]
The report notes that Oregon's new 36 percent cap on payday loans does not take effect for another year, yet payday lenders are already switching to a different consumer lending license that allows them to skirt the interest cap.
I agree with the Pentagon that the annual interest rate charged by short-term lenders should be capped at 36 percent -- for
all short-term lenders, not just payday loan stores.
We need to support and protect Oregon's working families -- including those with members serving in the miliary -- and not hang them out to dry. But when legislation came before the Oregon House that would even put minor restrictions of payday lenders in the state, my opponent Wayne Scott voted against it, saying, "We're not passing the bill to protect people; we're passing the bill to protect ourselves." You can listen to his long-winded opposition to the bill here (warning, this is a very large audio file... Rep. Scott begins his speech about 9:10 in).
It's time we had leadership in Salem that cared more about our community and the voters in this district that the big special interests that hang around the state Capitol. We need the best that money CAN'T buy. That's why I need you to join me in this people-powered campaign.
To get involved and make a difference today, tell Congressman Earl Blumenauer you want him to support my campaign. Other important ways you can help me win include making a contribution (every little bit -- even $5 -- helps!), pledging to volunteer and endorsing my campaign. With your help, we will send a message to Oregon and this country that change must come now.