We always hear about special interest groups in politics. Everybody is claiming that
they are going to fight them, yet both major parties have plenty of people who will
fall right in line with what those special interest groups will tell them. Can payday
loans actually become a special interest group? This is something that could really
affect a politician if they get in on this platform, and try to work it from the inside.
Well, unfortunately for one politician it has now come to light that those groups
he once aimed to fight are actually the groups that have helped get him elected in
the past. What could this all mean?
Who is This Politician?
Democrat Representative Bernie Buescher from Grand Junction, Colorado is dealing with
some information he probably did not want to come out. Documents filed with the IRS
have shown that Buescher has some links to the payday loan industry. The payday loan
industry actually fought legislation that Buescher pushed for this past year. Talk
about a conflict of interest! In August ACE Cash Express sent his campaign $25,000,
which was the largest check registered for a period of over a month. The bill Buescher
was trying to pass would have capped interest rates and fee that lenders could charge.
How Can This Become Special Interests
Well, if you are a politician and accept a large sum of money from a group, then it
is generally understood that you will fight for that groups rights. This could really
cloud your judgment. Payday loans have always been under fire for interest rates and
fees, so it is obvious why these lenders would want to get someone on their side that
will fight for them, even though it backfired in this case. If they feared that their
industry could take a large hit thanks to bills limiting their business then that
is when they can give a lot of money to a politician. That is also when they become
a special interest group. It could happen.
What Can You Do?
Well, if you feel like you want to get involved then you should not sit there and
do nothing. Learn more about payday loans and learn about the bills that people are
trying to pass in regards to them. This way you can be involved in the discussion
about loans and the special interests groups. Then you can let your politicians know
your thoughts and what you like or dislike. This is really the best thing that you
can do in this current situation.
Additional Resources:
Payday
Loan Law Could Be Delayed
Payday
Loans’ True Cost is Vital Information
This weblog is sponsored by Payday Loan
Affiliate – the leading network for payday loan providers.
this is bogus, who would think