Colbert skewers congressman over payday loan bill

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.

Colbert video:

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2 Responses to “Colbert skewers congressman over payday loan bill”

  1. Colbert skewers congressman over payday loan bill Says:

    […] 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. […]

  2. Hometown Cash Advance - Personal Testimonies | Cash Advance America Says:

    […] Colbert skewers congressman over payday loan bill « Reading Tea … […]

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