The Latest from Jeff

Payday Lending and a Public Option in Banking — April 27, 2018

John Faso, who spent over a decade of his career as a lobbyist, has been loyally serving the payday lending industry which has been financing him for years. It’s why he’s pushed for repeal of regulations on the types of high-interest loans these types of predatory lenders offer, keeping those who are already economically disadvantaged in deeper debt. The legislation that Senator Kirsten Gillibrand introduced this week, which has the support of Senator Elizabeth Warren and Senator Bernie Sanders, puts forward a public option in banking through the existing infrastructure of the United States Postal Service is a solution designed to curtail a predatory practice that will keep more money in the pockets of working people.

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