During the present price, there could be each and every day into the not-so-distant future whenever every Austin lawmaker and staffer would go to work with the cash advance industry, making no body, at final, to imagine to worry about usurious prices, the period of financial obligation and criminalization of borrowers. I exaggerate, needless to say, but just somewhat. The menu of legislators and their employees that have moved, often instantly, from the Capitol towards the industry is impressively very long. As Texans for Public Justice discovered a year ago, 10 % associated with lobbyists utilized by lending interests during the Legislature had been previous lawmakers. The Southlake Republican who carried the вЂњreformвЂќ bills in 2011 and chaired the House committee that oversees the industry among them was Rep. Vicki Truitt. Also itвЂ™s bipartisan, too: the previous chief of staff to Sen. Kirk Watson (D-Austin), Trent Townsend, is really a lobbyist for money America, EZCorp and First money Financial.
Possibly we must retire the вЂњrevolving doorвЂќ metaphor and merely think about the industry, the lobby in addition to local government as various chambers in a huge shark tank, like a high-dollar water World for predators.
I raise the problem now due to a letter that is rather astonishing the editor posted on the weekend into the Galveston frequent Information. ItвЂ™s penned by one Adam Burklund, the previous basic counsel for state Sen. John Carona. Keep In Mind Carona? HeвЂ™s the (recently beaten) Dallas Republican whom carried an online payday loan reform bill when you look at the final session therefore poor it split customer advocates and faith teams into two camps. [Read more…] about This in Upside-Down World: Payday Lenders Upset about вЂSpecial Interests weekвЂ™