Wisconsin Republican Grothman joins Democrats in sponsoring legislation to discharge borrowers from ‘debt trap’

Wisconsin Congressman Glenn Grothman (R- Glenbeulah ) introduced bipartisan legislation this week along side a few modern co-sponsors that aimed at protecting customers from predatory loan providers.

“Just on its face, where you’re getting interest levels up over 300%, it is immoral,” Grothman said in a phone press meeting on Tuesday to mark the development of the bill. Citing a research found in planning when it comes to bill, he included, among “anybody age 22 to 53, 13percent regarding the public that is american removed a quick payday loan within the last 2 yrs. And that is simply appalling.”

The bill, The Veterans and Consumers Fair Credit Act, co-sponsored by Rep. JesГєs “Chuy” GarcГ­a (D-Ill.) inside your home and Sens. Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Sherrod Brown (D-Ohio) and Chris Van Hollen (D-Md.), would cap interest levels on customer loans at 36% APR. Continue reading →