RTO’s take on the hearing
April 3, 2009 | alternatives, industry | Comments (0)From an editorial in today’s RTOonline:
With Democrats in control of Congress and Jean Ann Fox from the Consumer Federation of America (CFA) on the witness list, I had low expectations. In addition to the CFA, Fox was testifying on behalf of a laundry list of consumer advocates including Consumer Action, Consumers Union, National Association of Consumer Advocates, National Consumer Law Center, and US PIRG (download Fox written testimony).
In past sessions, consumer groups were not required to offer viable alternatives – ‘being against’ was enough.
Perhaps that’s changing.
Gutierrez speaking to Fox: “If you wish to be against the bill because you wish us to do nothing other than eliminate payday lending, which anyone reading your statement can extrapolate…that’s not possible.”
Fox was repeatedly asked by officials from both sides of the aisle to offer a viable alternative to short term lending. She had nothing to offer. Being simply ‘against’ is not a new position for consumer advocates. What makes it new is that this time, they were not allowed to get away with it.
Comments»
No comments yet.