Senator Tim Johnson
“This time it’s military… Who’s to say it isn’t going to be widows and orphans or other sympathetic groups in the future? We need to address the needs of people who have short-term, low-denominational credit needs, but I fear that the legislation we passed is going to have unintended consequences that were not fully thought through.”
South Dakota Senator Tim Johnson believes that the cap on payday loans to military personnel may interfere with the larger national credit system…
Senator Johnson, who opposed the cap, may use his seat on the Senate Banking Committee to modify/repeal the cap. He has said that the cap may have consequences that go far beyond the payday loan industry:
“We are going to have to revisit that issue and make sure that the end result of this legislation isn’t to deny military members and their families access to banking services that they’ve always assumed would be there.”
Tim Johnson is the senior United States Senator from South Dakota.
Source: S.D. Senator Wants Second Look at Payday Loan Cap by Rick Maze (Army Times)
Related Quote: Senator Tim Johnson
If you are a member of our armed forces, please read Interest Free Loans for Military Personnel in our Payday Loan Alternatives category or Financial Resources for Military Personnel in our Links section.
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