The Lincoln Plawg - the blog with footnotes
Thursday, May 05, 2005
Guess who's supporting the latest loan-shark bill?
That's HR 1295, the Responsible Lending Act, introduced on March 15.
The good news is that I can find no sign of a mark-up by the House Financial Services Committee; nor has an identified companion bill been introduced in the Senate.
The bad news - for those deluded enough to suppose that House Democrats might unite in a New Deal spirit to defend the Ordinary Joe from the new rights proposed for the shylocks  - is that the desire to pander (and to enjoy the fruits thereof, no doubt ) has already proved too strong for twelve House Dems (of 27 co-sponsors):
Bishop, Sanford D., Jr. [GA-2]
Boyd, Allen [FL-2]
Clay, Wm. Lacy [MO-1]
Crowley, Joseph [NY-7]
Ford, Harold E., Jr. [TN-9]
Hooley, Darlene [OR-5]
Israel, Steve [NY-2]
Kanjorski, Paul E. [PA-11]
Meeks, Gregory W. [NY-6]
Scott, David [GA-13]
Sherman, Brad [CA-27]
Thompson, Bennie G. [MS-2]
Of these, five come from the Congressional Black Caucus: Bishop, Clay, Ford, Meeks and Thompson . That's 12.5% of the CBC House membership; whilst the rest of the sponsors represent just 5.4% of the rest.
Why should the bill be so disproportionately attractive to CBC members - whose constituents, one suspects, have lower personal incomes and more credit problems than those of the average district?
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