Political Quotes

“you can't say it any better than how the Senator from Rhode Island has said it. He is a West Point graduate, was a company commander, was the executive officer of a brigade--he just told us, the 82nd Airborne. He has seen what has happened to these young troops. They get their pay, they go outside the gates, there are folks who want to give loans to them, and then they run up rates as much as 100 percent and 150 percent. That is why we passed the Military Lending Act back in 2006, to cap those rates at 36 percent. That is high enough, but it is a lot less than the 150-percent rates given to these poor, unsuspecting troops who are being taken advantage of. As a former 82nd Airborne member, the Senator from Rhode Island has just shared his personal experience of what would happen. Troops would not show up for muster because suddenly their car had been repossessed or they had people hounding them. What has happened over the years since 2006, when we passed the bill, is, in fact, they found ways to get around it. Now commanders are receiving harassment calls. They found a way to get around the 36 percent. What we want to do is lower it down to 24 percent. If someone cannot do well in business when getting a return of 24 percent on what they are loaning out, then they shouldn't be in business, and especially they shouldn't be in business to take advantage of our U.S. military troops. That is why I have introduced the Military Lending Improvement Act of 2018.…”