Political Quotes

“Madam President, I ask unanimous consent that the text of the bill be printed in the Record. There being no objection, the text of the bill was ordered to be printed in the Record, as follows: S. 2730 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Protecting Consumers from Unreasonable Credit Rates Act of 2023''. SEC. 2. FINDINGS. Congress finds that-- (1) attempts have been made to prohibit usurious interest rates in America since colonial times; (2) at the Federal level, in 2006, Congress enacted a Federal 36-percent annualized usury cap for servicemembers and their families for covered credit products, as defined by the Department of Defense, which curbed payday, car title, and tax refund lending around military bases; (3) notwithstanding such attempts to curb predatory lending, high-cost lending persists in all 50 States due to loopholes in State laws, safe harbor laws for specific forms of credit, and the exportation of unregulated interest rates permitted by preemption; (4) due to the lack of a comprehensive Federal usury cap, consumers have paid as much as approximately $14,000,000,000 on high-cost overdraft loans, $9,000,000,000 on storefront and online payday loans, $3,800,000,000 on car title loans, and additional amounts in unreported revenues on high-cost online installment loans; (5) cash-strapped consumers pay on average approximately 400-perce…”