Any industry can make campaign contributions, even small loans providers like payday advance loan providers. Some people think that if any business donates to a candidate, it is a bribe. One such idea is that if a candidate or official does not want payday advances banned or capped within an inch of their life has been bought and sold by the industry. Payday loan providers do not posses that sort of cash, and the argument is hypocritical to boot. Article resource – Small loans lenders could hardly afford to purchase elections by Personal Money Store.
Is the small loan industry really buying officials?
Cash advance and installment loans providers, along with other small loan providers, are allowed to lobby politicians in order to make sure they get some say, along with all other trade organizations. Members of these organizations make campaign contributions, which they’re legally allowed to do. Sometimes they host conferences that officials are invited to, and there are plenty of other organizations that lobby incumbents or candidates. Yet a double standard is often observed. The newest Mexico Independent reports that there was a recent New Mexico debate where Democratic candidate Diane Denish got angry at Susana Martinez since she had been supposedly bribed by cash advance lenders since Martinez had some of the alternate financial services sector throw a fundraiser for her.
Who is in charge of rules now?
A sector making contributions to a candidate does not mean too much. Also, who gets to determine which organizations are morally acceptable enough for making donations? Besides, payday loan and small loan providers as a business can’t afford to really buy off anyone. $57,900 went to Congressional Rep. Heath Shuler of North Carolina in the 2010 election fund. That counts all donations from the whole payday lending organization. In 2010, the Royal Bank of Scotland gave Chris Dodd $152,100. Do you want to determine what your representatives are receiving? Go to OpenSecrets.org, and you might be surprised.
Payday lending is small
The contributions small loan companies can make as a sector are dwarfed when it comes to other lobbies, such as banks and high finance. The biggest contributor to election campaigns, far and away, is unions. Unions are certainly not the cleanest groups of individuals. Contributions that small hardly makes a bribe. You can read more in Pay day loan Facts and Statistics Record on Personal Money Store.
Information from
New Mexico Independent
newmexicoindependent.com/65582/the-men-behind-martinezs-payday-loan-fundraiser
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