Spencer Bachus: “The community banks are affected.”

In a perfect world, there will be no payday lenders.

My Democratic colleagues have said they want to wrap this up. So let me just simply say to you that this is having the effect of shutting down these companies, whether that was intended or not.

However, my continued concern is that the program threatens to dry up legitimate sources of credit and financing.

I would simply recognize Mr. Petri's and Ms. Tsongas' contributions in helping Mr. Kilmer with this amendment--and there may be others. I want to express to the full committee chair our appreciation for supporting this amendment, and I…