Like any other group or business, small loans providers and payday advance lenders can make campaign contributions. That said, some people don’t think it is morally right. Any contribution, according to some, by any business amounts to bribery. One such idea is that if a candidate or official does not want payday cash advances banned or capped within an inch of their life has been bought and sold by the industry. It’s an awful double standard, and loan lenders do not have access to that type of cash lying around to start with.
The small loan sector is purchasing officials some say
Trade organizations put a lot of cash into politicians in order to make sure they’re represented. Small cash loans lenders like payday loan and payday installment loans providers are able to do this as well. Members of these organizations make campaign contributions, which they are legally allowed to do. Officials are invited to come to conferences that are hosted by them. Many businesses will lobby for incumbents or candidates this way. Yet, numerous don't approve of it. It seems like a double standard. The brand new Mexico Independent accounts that there was a recent New Mexico debate where Democratic candidate Diane Denish got mad at Susana Martinez since she had been supposedly bribed by cash advance loan companies since Martinez had some of the alternate financial services business throw a fundraiser for her.
Where the rules come from
A sector making contributions to a candidate doesn't mean too much. Some businesses are considered more acceptable to give donations. Who decides this? Payday advance and small loan providers don't really have much money to spare. Buying off somebody costs lots of money they do not have. The 2010 election fund, from the whole payday lending organization, ended up having Congressional Representative Heath Shuler of North Carolina getting $57,900. $152,100 went to Senator Christ Dodd. This had been within the 2010 election and all came from the Royal Financial institution of Scotland. Anyone can look at lobbying data on OpenSecrets.org, and might be surprised at what they discover about their own representatives.
Just the small contribution
The contributions small loan lenders can make as a sector are dwarfed when it comes to other lobbies, for instance banks and high finance. Election campaigns end up with unions paying out the most. That's where the majority of the contributions come from. Looking at history, unions are hardly squeaky clean by any stretch of the imagination. Contributions and bribes are different. They cannot be counted as the same. Want to know more? Just check out facts and statistics of payday financial loans record on Personal Money Store for the info.
Citations
New Mexico Independent
newmexicoindependent.com/65582/the-men-behind-martinezs-payday-loan-fundraiser
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