From John Cheves at the Herald Leader:
“WASHINGTON - Rep. Geoff Davis, R-Ky., is fighting a proposal to cap high interest rates for short-term payday loans to military service members at 36 percent, drawing protests from consumer watchdogs and military groups.
The Pentagon has accused payday lenders of surrounding its military posts and exploiting troops, leading to bankruptcies, divorces and ruined careers…..”
Davis objects to the amendment written by Sens. Jim Talent, R-Mo., and Bill Nelson, D-Fla., and passed by the Senate in June because it would impose a 36-percent cap only on payday lenders.
It would not cover insurance companies, investment brokers and others that target service members with ruinous hidden fees, (chief of staff Justin) Brasell said.”
Come on Geoff, that’s like saying if you have five rattlesnakes under your porch and you catch one in the front yard you don’t kill it because you can’t get the other four.
Maybe the reason doesn’t want to kill this snake is because there is a big fat snake skin wallet attached to it.
“An aide to Davis yesterday said the congressman has consulted CNG Financial of Mason, Ohio, one of his top campaign donors and owner of national payday lender Check 'n Go.
CNG executives have given Davis $11,450 for his race this year against Democrat Ken Lucas, according to an analysis by the Center for Responsive Politics.”
Seems Geoff is all in favor of taking care of the military as long as it doesn’t cost him any campaign contributions.