Stephen Colbert points out that Representative Louis Gutierrez (D-IL) who reversed his longstanding opposition to payday lending by sponsoring a bill that would authorize payday loans under federal law, got $10,000 campaign contribution from a payday loan company. The Congressman is touting the bill as a crack down on payday lending, but consumer advocacy organizations oppose the legislation because it would allow the sanction of loans with interest rates of between 390 and 780 percent.
Tags: Linkedin, Louis Gutierrez, payday lending, Stephen Colbert
Reading Tea Leaves by Randy Wilson 
April 16, 2009 at 8:11 pm |
[…] News Sources wrote an interesting post today onHere’s a quick excerptStephen Colbert points out that Representative Louis Gutierrez (D-IL) who reversed his longstanding opposition to payday lending by sponsoring a bill that would authorize payday loans under federal law, got $10,000 campaign contribution from a payday loan company. The Congressman is touting the bill as a crack down on payday lending, but consumer advocacy organizations oppose the legislation because it would allow the sanction of loans with interest rates of between 390 and 780 percent. […]
April 17, 2009 at 7:22 pm |
[…] Colbert skewers congressman over payday loan bill « Reading Tea … […]