With friends like these as chair of
the House Subcommittee on Financial Products and Consumer Credit, who needs
enemies? Woodstock Institute and advocates across the country are asking Rep.
Gutierrez not to call this bill and urging others to strongly oppose it.
Instead, consumers and advocates should support Illinois Senator Dick Durbin’s
Consumers from Unreasonable Credit Rates Act (S. 500), which would establish
a nationwide interest rate limit of 36 percent.
For detailed comments on the payday
industry and testimony in opposition to Gutierrez’ H.R. 1214, see the testimony
of Jean Ann Fox, director of consumer protection at the Consumer Federation