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Payday Loan Blog - Colorado Politician Has Links to Payday Loan Industry

 Friday, 05 September 2008

We always hear about special interest groups in politics. Everybody is claiming that they are going to fight them, yet both major parties have plenty of people who will fall right in line with what those special interest groups will tell them. Can payday loans actually become a special interest group? This is something that could really affect a politician if they get in on this platform, and try to work it from the inside. Well, unfortunately for one politician it has now come to light that those groups he once aimed to fight are actually the groups that have helped get him elected in the past. What could this all mean?

Who is This Politician?

Democrat Representative Bernie Buescher from Grand Junction, Colorado is dealing with some information he probably did not want to come out. Documents filed with the IRS have shown that Buescher has some links to the payday loan industry. The payday loan industry actually fought legislation that Buescher pushed for this past year. Talk about a conflict of interest! In August ACE Cash Express sent his campaign $25,000, which was the largest check registered for a period of over a month. The bill Buescher was trying to pass would have capped interest rates and fee that lenders could charge.

How Can This Become Special Interests

Well, if you are a politician and accept a large sum of money from a group, then it is generally understood that you will fight for that groups rights. This could really cloud your judgment. Payday loans have always been under fire for interest rates and fees, so it is obvious why these lenders would want to get someone on their side that will fight for them, even though it backfired in this case. If they feared that their industry could take a large hit thanks to bills limiting their business then that is when they can give a lot of money to a politician. That is also when they become a special interest group. It could happen.

What Can You Do?

Well, if you feel like you want to get involved then you should not sit there and do nothing. Learn more about payday loans and learn about the bills that people are trying to pass in regards to them. This way you can be involved in the discussion about loans and the special interests groups. Then you can let your politicians know your thoughts and what you like or dislike. This is really the best thing that you can do in this current situation.

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Friday, 05 September 2008 09:48:16 (US Mountain Standard Time, UTC-07:00)  #     

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