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Statement of PIRG Consumer Program Director Ed Mierzwinski on Passage of the Duckworth Amendment to "Protect Our Troops" By Speeding Enhanced Military Lending Act Protections for Servicemembers
"PIRG commends U.S. Representative Tammy Duckworth (IL), a veteran, for leading the bi-partisan fight to strike language from the National Defense Authorization Act that would have delayed important new protections for servicemembers and veterans from high-cost loans by up to a year or more. The vote to strike language delaying improvements to the Military Lending Act of 2007 was 32-30, with 5 Republicans joining all 27 Democratic members of the House Armed Services Committee in support. We're disappointed that predatory lenders led by the American Financial Services Association and the payday lenders had originally prevailed on some committee members to insert the provision into the bill in subcommittee. We expect further attacks on the Department of Defense's important new rules, on the House floor and in the Senate, but are prepared to stand alongside Rep. Duckworth and Senator Jack Reed (RI) and others who are working to "protect our troops," while others who may often say "support our troops" are working against them."
[For more details on the history of the Military Lending Act and the proposed improvements, see my blog post here.]
U.S. PIRG, the federation of state Public Interest Research Groups, is a consumer group that stands up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society.
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