Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Lawmaker who recited words of lobbyist also took payday lenders' donations

 


Rep. David Scott of Georgia may have pulled back the curtain a bit last week on the impact of campaign contributions.

During a House hearing entitled “Short-term, Small Dollar Lending: The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty,” Scott, a Democrat, joined with Republicans in criticizing the Consumer Financial Protection Bureau, which is in the early stages of drafting rules to regulate some of the practices of the payday loan industry.

And with his attack — lifted a little too literally from text written by a lobbyist for the lenders — Scott was taking the side of an industry that has given him more than $72,000 since his election to the House in 2002. The bulk of that money was contributed during the Great Recession, which prompted lawmakers to develop the Dodd-Frank Act and rein in predatory lending practices to consumers. In 2008, as the global financial crisis came to a head, the payday loan industry gave Scott more than $17,000, as shown in the table below.

http://www.opensecrets.org/news/2016/02/lawmaker-who-recited-words-of-payday-lenders-lobbyist-also-took-their-donations/

 

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