Stephen Colbert, the talk show host and Presidential candidate, has found a new whipping boy: Congressman Louis Gutierrez’s new Payday Loan Reform Act (HR 1214).
Here’s Colbert with his take on the bill.
He makes a few good points:
- We’re talking about reform from an Illinois Congressman!
- anemic regulation will be, well, anemic. And it will be Federally sanctioned.
- interest rates of 400 to 800 percent are perfectly appropriate when you get a 2000 percent raise on your next paycheck.
- Gutierrez’s top campaign supporter was QC Holdings ($10,100 in contributions.)