Spencer Bachus: “What Chairman Greenspan has said is, these institutions are not regulated by the Federal Reserve. There is nothing in…”

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

The program also can deny legitimate merchants access to financial networks they need to survive.

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.