Talent-Graves Announce New Support To Stop Predatory Lenders From Targeting Our Troops

TALENT-GRAVES ANNOUNCE NEW SUPPORT TO STOP PREDATORY LENDERS FROM TARGETING OUR TROOPS
Measure to Cap Interest Rate at 36 Percent Goes to Conference

(WASHINGTON, D.C.) U.S. Senator Jim Talent (R-Mo.) and U.S. Congressman Sam Graves (Mo.-6) today announced that a bipartisan group of 31 Senators has sent a letter to Defense Authorization conferees urging them to maintain a provision to stop predatory lenders from targeting servicemembers and their families. In June, Sen. Talent sponsored an amendment that passed as part of the Senate Defense Authorization bill to enact a 36 percent annual percentage rate (APR) cap on loans to servicemembers. The Talent amendment is based on the Servicemember's Anti-Predatory Lending Protection Act (H.R. 97), legislation introduced by Congressman Graves.

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"Protecting our troops from predatory lenders has been a priority of mine for a long time. The DoD report confirms that predatory lenders are taking advantage of hundreds of thousands of men and women serving our country," said Congressman Graves. "America's soldiers defend our freedom overseas, and I do not think they should be taken advantage of at home, especially during a time of war. As a nation, we have an obligation to protect our troops from abuse by predatory lenders. I call on my colleagues to set politics aside and move forward to protect our troops."

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http://www.house.gov/graves/newsroom/090706a.htm