The Pundit would like to take this opportunity to convey his respect for Speaker of the S.C. House of Representatives, Bobby Harrell.  While he may have lead the charge on a new S.C. regulation on the payday lending industry, he also took a moment to profess respect for consumer choice, and for that I applaud him.  News and Press Online quotes Harrel:

“While there are some people who wanted to see us ban this industry or regulate it out of existence, clearly there is a demand from consumers for this particular service.”

Ah, such rationality and respect–it’s a breath of fresh air.

This Sacramento Bee story details Monday’s action in the California Assembly’s Banking and Finance Committee.    

According to the latest Department of Labor numbers, 63,000 jobs were lost in February, with the financial services industry being one of the industries hit hardest.

While some industries, like construction, were victims of a market slowdown, payday lending employees were victims of over-regulation.

In states like Oregon and Pennsylvania, the payday lending industry has been virtually regulated out of business, leading to the loss of thousands of jobs (with health care, paid time off, and retirement benefits). Not to mention the elimination of a popular and regulated credit option for consumers.

Seems like we should be creating new jobs and providing access to credit, not taking both away.