Rand Paul: “H.R. 1701, the Consumer Rental Purchase Agreement bill, rewriters every rent-to-own contract in the nation to conform to…”

“H.R. 1701, the Consumer Rental Purchase Agreement bill, rewriters every rent-to-own contract in the nation to conform to the dictates of federal politicians and bureaucrats. This bill thus represents another usurpation by Congress of powers reserved by the 9th and 10th amendments of the Constitution to the states and the people. Rent-to-own transactions provide many low-income individuals an affordable means of obtaining durable goods, such as furniture, appliances and computers. Rent-to-own also provides a way of obtaining luxury items for a short time. For example, someone who cannot afford a big screen TV can use a rent-to-own contract to obtain such a TV to watch the Super Bowl. Proponents of H.R. 1701 admit the benefits of rent-to-own but fret that rent-to-own transactions are regulated by the states, not the federal government. Proponents of this legislation claim that state regulations are inadequate, thus making federal regulations necessary. My well-intentioned colleagues ignore the fact that Congress has no legitimate authority to judge whether or not state regulations are adequate.”