Home > posts > Stacy Washington Warns Against So-Called “Safe Lending Act” in New Commentary
December 16th, 2022 3:23 pm
Stacy Washington Warns Against So-Called “Safe Lending Act” in New Commentary
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Continuing our efforts to warn against the perils of federal, state, and local efforts to target short-term lenders while working families face increasing economic headwinds, Stacy Watson came out with a fantastic new commentary entitled “What’s the Fed Doing to Fight ‘She-Flation?”  She highlights the ways in which inflation can hit women particularly hard, and cautions against counterproductive legislation and regulation that will only make access to financing more difficult:

While the federal government is acting to tame inflation through legislation and monetary policy, there is more that can be done to ease the burdens of she-flation. For one, the government should increase access to liquidity for small businesses. That would incentivize and enable women to become entrepreneurs, seize control of their destinies, and, it is hoped, increase earning potential. Encouraging banks to partner with technology companies that serve underbanked consumers would open access to credit for many single moms and entrepreneurial women.   

Lawmakers should also take off the table legislation that would remove access to personal and small business credit, such as the recently reintroduced “Safe Lending Act.” Although the bill purports to protect consumers from deceptive lending practices, what it would actually do is gut access to credit for working-class families, minorities, and women.”

Bravo.

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