Leftist Lending Policies Don't 'Help' Veterans
By Stephen Moore
1 day ago
Originally Published in Fox News on 11/11/21.
All Americans, especially our veterans, deserve equal access to credit. Sadly, President Joe Biden and Democrats in Congress don’t seem to agree.
Earlier this year, President Biden signed S.J. Res. 15 in opposition to the Trump administration’s "True Lender Rule." This Trump-era policy, which was attacked by the left since its implementation, ensured access to consumer credit for countless Americans. But, predictably, Democrats scrapped it upon taking power.
The Democrats' disastrous lending restrictions have left our military members and veterans out in the cold. In 2006, the Military Lending Act (MLA) was passed by Congress. This federal policy capped interest rates on loans for active duty members of the military at 36 percent. Sounds good, right?
Wrong. In reality, it did exactly the opposite of what Democrats thought. While proponents of the MLA claimed it would help military members stay out of debt, it failed to do so. In fact, a HarrisX poll found that twice as many service members are worried about paying their debts, compared to before the MLA’s passage. And 50 percent of respondents were denied access to loans or loan products because of MLA regulations.
https://www.freedomworks.org/content/leftist-lending-policies-dont-help-veterans
