Posted on 25 August 2008.
Ohio Chamber of Commerce Backs
Ohioans For Financial Freedom
To Keep Jobs and Consumer Choice
COLUMBUS, OH – The Board of Directors of the Ohio Chamber of Commerce has given its support to Ohioans For Financial Freedom saying imposing overbroad government regulations is not the way to revitalize Ohio’s economy.
“The Ohio Chamber champions free enterprise and economic competitiveness and we believe HB 545, as passed by the Ohio General Assembly, runs counter to our mission”, said Andrew E. Doehrel, president and CEO of the Ohio Chamber of Commerce. “This new law, if not reined in by Ohio voters, will drive an entire industry and 6,000 good-paying jobs out of our state.”
If HB 545 goes into effect it means the loss of nearly $300 million to Ohio’s economy including $172.6 million in annual employee payroll, benefits and payroll taxes, $76.8 million lost in rent revenue to landlords across the state, and $23 million lost in advertising vendors. In response to this legislation, most of the major payday lending companies have announced they will close stores in Ohio putting as many as 6,000 jobs with benefits in jeopardy.
“As we strive to turn around our economy we must allow the free market to meet consumer demands and facilitate the creation of much needed jobs”, said Doehrel.
With 1,600 stores in the state, consumer demand for short-term credit is clear. Payday advance fills a need not met by traditional financial institutions and is a convenient, less costly option for short-term, unsecured credit. Removing access to reasonably-regulated storefront payday lending will force consumers into more expensive, and possibly even less-desirable, alternatives.
Ohioans For Financial Freedom is working to repeal section (3) of HB 545 offering consumers more lending options.
Founded in 1893, the Ohio Chamber of Commerce is Ohio’s largest statewide business advocacy group. The Chamber works to promote and protect the interests of its members – large and small – while building a more favorable Ohio business climate.