Plain Talk: Lenders Who Feed Down Pay Politicians | Dave zweifel

President Vos insisted that he had never discussed legislation with lobbyists during the trip. He insisted that he was following all ethical rules and that the only reason he was on the all expenses paid excursion was his love for the late Winston Churchill. Of course, he added, he sponsored bills to relax state regulations on payday lenders and securities lending, but that has nothing to do with campaign donations. . It’s just that he believes these lenders are doing a service by giving loans to people who otherwise could not get them.

While Vos did not come under scrutiny during the trip, the president of Ohio’s House was unlucky. The FBI announced that it was studying the four-day excursion and President Cliff Rosenberger decided that stepping down would be his best bet.

But these bottom-feeding lenders not only have influence at the state level. They were on the verge of being subject to strict regulation by the Federal Bureau of Consumer Financial Protection at the end of last year before its director, Richard Cordray, resigned under pressure from the administration. Trump.

In what amounted to a bureaucratic coup, Donald Trump appointed his White House budget manager Mick Mulvaney, a former Tea Party congressman and rabid consumer bureau critic, to take the place of Cordray while remaining director of the budget. One of its first acts was to summarily remove a rule to control payday lending practices that had lasted for five years.

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