Walter B. Jones: “Let me tell just briefly the history of this issue as it relates to legislation dealing with the rent-to-own business.…”

“Let me tell just briefly the history of this issue as it relates to legislation dealing with the rent-to-own business. This goes back to a bill that was introduced 10 years ago by Congressman LoRocco from the West. That was 10 years ago, and, finally, after 10 years, right or wrong, we have brought this legislation to the floor. I certainly respect my friends on the other side of this issue, and I mean that most sincerely. This consumer rent-to-own purchase agreement act, I do want to restate, represents the largest category of consumer transactions currently unregulated by the Federal Government. I mention that because we held hearings in the subcommittee of the gentleman from Alabama (Mr. Bachus). I do not know if we had three or four, but I know there were several discussions. The gentlewoman from California (Ms. Waters) was very proactive. I disagree, but I respect her ability and her positions on this issue. I think that the rent-to-own business, quite frankly, has wanted to work with the Congress on this legislation.”