In 2006, congressional leaders from both sides of the aisle came together to pass the Military Lending Act -- legislation to rein in predatory payday lenders who repeatedly targeted American servicemembers with dangerously high-interest loans that trapped them in cycles of debt.

          While this legislation has protected countless active duty Americans in uniform from abusive financial schemes, our work isn’t done. While active duty military members are protected, once they leave the service, their protections vanish. Gold Star families, veterans, and hardworking American families are still vulnerable to these practices.

          It should be illegal for predatory lenders to lure people into high-interest loans that turn into vortexes of debt. That’s why this week, I introduced bipartisan legislation with a simple proposition: the success of American veterans, Gold Star families, and workers should take priority over the bottom lines of payday lenders.

        The Veterans and Consumers Fair Credit Act is a critical piece of legislation that would expand the Military Lending Act to include every veteran and consumer in America. That means the Consumer Financial Protection Bureau would make sure that most types of loans have their annual interest rate capped at 36%, cracking down on the aggressive loans that can wreck a family’s financial stability for decades.

          No one deserves to be lured into never-ending debt. Please know that I’m going to keep fighting to make sure all Oregonians receive protection from predatory schemes.

All my best,
Jeff