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New Study Shows How Overregulating Short-Term Lenders Harms Consumers

We at CFIF have consistently highlighted the peril of federal, state and local government efforts targeting the short-term consumer lending sector.

Less than two years ago, we specifically sounded the alarm on a New Mexico law artificially restricting interest rates on short-term consumer loans.

Well, a new study entitled "A New Mexico Consumer Survey:  Understanding the Impact of the 2023 Rate Cap on Consumers" that surveyed actual borrowers confirms our earlier warnings:

Key findings include:

•Short-term,small-dollar loans help borrowers manage their financial situations, irrespective of the borrower’s income.

•The rate cap has failed to improve the financial wellbeing of New Mexicans, specifically those who had previously relied on short-term, small-dollar loans.


November 27, 2023 • 03:57 PM

Liberty Update

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Notable Quotes
Reporting on U.S. Congressman Jamaal Bowman Being Criminally Charged for Pulling Fire Alarm During Vote to Avoid Government Shutdown:

"Rep. Jamaal Bowman has been criminally charged for pulling the fire alarm during a House vote that would have avoided a government shutdown.

The New York Democrat called allegations it was deliberate 'complete BS' and claimed he thought he was opening a door.

But now the Capitol Police have referred him to prosecutors, who have hit him with one misdemeanor count and ordered him to appear in court.

The September 30 incident took place in the Cannon House Office building and sparked calls from Republicans for him to be expelled from Congress.

The charge was for 'willfully and knowingly [giving] a false alarm of fire, in violation of DC code' and the New York Democrat was ordered to appear in court for arraignment on Thursday."

Read the entire article here.

— Morgan Phillips, Dailymail.com
— Morgan Phillips, Dailymail.com
Posted October 26, 2023 • 07:39 AM
On America's Education Crisis:

"Did you know we spend more than $800 billion annually on public K-12 education in America? On average, schools in the United States spend $19,380 per pupil, which is more per child than all but one other developed nation (Luxembourg). Adjusting for inflation, spending grew by 244% between 1970 and 2019. That's 6% of our GDP, also more than many other North American and European nations, which average 4.85% of GDP.

"What do we have to show for that? More teachers per student, more non-instructional staff and smaller class sizes than ever before (down from 22 students per teacher in 1970 to 15 in 2021). We have higher high school graduation rates and lower dropout rates. More kids have access to computers and the internet than ever before -- 97% of 3- to 18-year-olds.

"That all sounds like good news, so why are American students falling behind globally -- behind China, Japan, Canada, Poland, Slovenia and many more? Thirty-six countries outperformed the United States in mathematics at the high school level on the most recent (2018) Program for International Student Assessment (PISA). They did slightly better in science (at No.17) and reading comprehension (at No. 12), but the gap between high and low performers widened. About one-fifth of American 15-year-olds scored so low on the PISA test that it appeared they had not mastered the reading skills expected of a 10-year-old, according to one expert."

Read the entire article here.

— Eva Moskowitz, Founder and CEO of Success Academy Charter Schools
— Eva Moskowitz, Founder and CEO of Success Academy Charter Schools
Posted October 25, 2023 • 07:39 AM
On News That Numerous Congressional Oversight Staff Were Recently Alerted About Their Phone Records Being Seized by DOJ in 2017:

"Several current and former congressional oversight staff have been recently informed that the U.S. Justice Department seized their phone and email records back in 2017 as part of leak investigations, belated revelations that have touched off an inquiry by DOJ's internal watchdog and raised serious concerns about the separation of powers between the executive and legislative branches. ...

"Officials said the seizures were related, in part, to leak investigations stemming from the FBI's now-discredited Crossfire Hurricane investigation into Russia collusion.

"The targeted staffers include people who worked for the Senate Judiciary and House Intelligence committees who have direct oversight responsibility for the FBI and Justice Department, raising concerns that the legislative branch overseers were being monitored by those they oversee in the executive branch."

Read the entire article here.

— John Solomon, Chief Executive Officer and Editor in Chief of Just the News
— John Solomon, Chief Executive Officer and Editor in Chief of Just the News
Posted October 24, 2023 • 08:19 AM
On Our Nation's Strategic Petroleum Reserve and President Joe Biden's War on U.S. Oil:

"President Joe Biden's reckless energy policies, including a relentless war on US oil, have now seriously undercut national security.

"To wit, the US Energy Information Agency just pegged the nation's supply of emergency oil in the Strategic Petroleum Reserve at just 351 million barrels -- about half its capacity.

"Biden has been depleting it periodically in the name of 'Message: I care,' as his other policies have driven pump prices far above the level when he took office.

"That's the lowest the SPR has been in 40 years, providing enough to last only 17 days in a national emergency.

"What a time to run low!

"The Middle East may erupt any day, threatening oil exports from the region; Russian oil remains banned as its war in Ukraine rages on."

Read the entire article here.

— New York Post Editorial Board
— New York Post Editorial Board
Posted October 23, 2023 • 07:52 AM
On How Silicon Valley is Abandoning the Business of Amplifying News:

"Campbell Brown, Facebook's top news executive, left the company this month. Twitter, now known as X, removed headlines from the platform days later. The head of Instagram's Threads app, an X competitor, reiterated that his social network would not amplify news.

"Even Google -- the strongest partner to news organizations over the past 10 years -- has become less dependable, making publishers more wary of their reliance on the search giant. The company has laid off news employees in two recent team reorganizations, and some publishers say traffic from Google has tapered off.

"If it wasn't clear before, it's clear now: The major online platforms are breaking up with news."

Read the entire article here.

— Mike Isaac, Katie Robertson and Nico Grant, The New York Times
— Mike Isaac, Katie Robertson and Nico Grant, The New York Times
Posted October 20, 2023 • 07:28 AM
Reporting on Significant Opposition to the Biden Administration's Proposed Fuel Economy Standards:

"The Biden administration is facing an onslaught of opposition to its proposed fuel economy standards, which critics say would increase consumer costs and unfairly burden U.S. businesses.

"The Department of Transportation's National Highway Traffic Safety Administration (NHTSA) received more than 62,900 public comments related to the fuel economy regulations it issued in late July during its comment period, which ended Monday. The so-called Corporate Average Fuel Economy (CAFE) standards received opposition letters from a wide range of stakeholders, including 26 states and the energy, agriculture and automotive industries.

"'NHTSA's proposal is yet another attempt by the Biden administration to restrict Americans' freedom to decide what vehicle fits their needs and budget,' Will Hupman, the American Petroleum Institute's (API) vice president of downstream policy, said in a statement.

"'Combined with EPA's proposed tailpipe emissions standards, these rules amount to a de facto ban on cars and trucks using liquid fuels, which can and should be a part of the solution to reduce carbon emissions,' he continued."

Read the entire article here.

— Thomas Catenacci, Fox News Digital
— Thomas Catenacci, Fox News Digital
Posted October 18, 2023 • 07:39 AM
On the Biden Administration's Appeasement of Iran:

"The shocking news came just over a week ago, on October 7: Iran's proxy terror force Hamas had flooded across Israel's border and within hours had slaughtered hundreds of Israelis.

"While the Biden administration was no doubt shocked too, it shouldn't have been surprised that its relentless appeasement of Iran is now exposed for the folly it is.

"Others are noticing as well, which is why Biden is being pressured to re-freeze the $6 billion hostage ransom payment made to Iran last month. A good start perhaps, but it doesn't address Biden's months-long Iran sanctions relief campaign totaling more than $50 billion that only emboldened Tehran's commitment to sponsor terrorism.

"Congress should now demand an end to all of it, not just the $6 billion."

Read the entire article here.

— U.S. Congressman Darrell Issa (R-CA) and Richard Goldberg, Senior Advisor at the Foundation for Defense of Democracies
— U.S. Congressman Darrell Issa (R-CA) and Richard Goldberg, Senior Advisor at the Foundation for Defense of Democracies
Posted October 17, 2023 • 08:13 AM
On the Bizarre Alliance Between Left-Wing Activists and Muslim Extremists:

"The virulent anti-Israel protests across America and Europe throw a glaring light on the bizarre alliance between left-wing activists and militant Muslims. That odd combination has been the bedrock of political activism at universities and in the streets for years. It began in universities, where it now dominates political discourse, threatens Jewish students, and intimidates anyone brave enough to voice their dissent. We can now see how it has spread far beyond the campus.

"What makes the alliance so strange are the deep-seated differences between leftists and Muslim fundamentalists over core beliefs."

Read the entire article here.

— Charles H. Lipson, Professor Emeritus of Political Science at the University of Chicago
— Charles H. Lipson, Professor Emeritus of Political Science at the University of Chicago
Posted October 16, 2023 • 08:32 AM
Reporting On House Republicans' Struggle to Elect a Speaker of the House:

"The House was thrown into even more chaos after House Republicans' speaker designate, Majority Leader Steve Scalise (R-LA), withdrew from the race once it became clear he had no path to win the election, leaving the House leaderless for a 10th straight day.

"GOP lawmakers are set to meet for their fifth consecutive day of closed-door meetings on Friday as they plot a path forward and try to coalesce around a candidate who can get the 217 votes necessary to become speaker on the House floor. Members are expected to reconsider a number of rule changes that could dictate how they choose their next speaker, but it remains unclear when the chamber will vote on its next nominee.

"After a day of meeting behind closed doors with the full conference and those opposed to his speakership, Scalise announced Thursday night he would be withdrawing his name from the running."

Read the entire article here.

— Reese Gorman, Cami Mondeaux, and Jack Birle, Washington Examiner
— Reese Gorman, Cami Mondeaux, and Jack Birle, Washington Examiner
Posted October 13, 2023 • 01:24 PM
On Refreezing 'Biden’s $6 Billion Gift to Iranian Terror':

"This Sunday, hours after Hamas's first attack on Israel, Biden's National Security Council promised that the $6 billion ransom Biden agreed to pay in exchange for five hostages had not yet been released to Iran. The money sat in a Qatari bank where it had been transferred from South Korea where it had been held at Washington's request as part of sanctions on Iranian oil sales.

"'Not a single cent from these funds has been spent,' an NSC spokeswoman said, 'and when it is spent, it can only be spent on things like food and medicine for the Iranian people.'

"But if the Biden administration can monitor the $6 billion and make sure it is spent only on food and medicine, surely it must also have the ability to refreeze the money if the terms are violated. Otherwise, the terms were useless from the start. ...

"Obama's vision for a rebalanced Middle East built around a civilized and responsible Iranian regime was vaporous wish fulfillment. The nuclear deal was a terrible mistake. Biden's decision to relax oil sanctions to revive it was bone-headed. Biden's decision to unfreeze $6 billion compounded the litany of errors.

"All these huge blunders contributed to the war now unleashed on Israel. Biden can begin to undo the damage he and Obama did to the region by refreezing the $6 billion. It won't make everything right, but it would be a start."

Read the entire article here.

— The Editors, Washington Examiner
— The Editors, Washington Examiner
Posted October 12, 2023 • 08:51 AM
Notable Quote   
"As lawmakers race to strike a deal before the end of the year that could unlock billions of dollars in aid to Ukraine, Israel and Taiwan, they are struggling to find consensus on U.S. border and immigration policies, a critical piece of the bill in order to gain Republican support in both chambers.Senate Republicans want to see a crackdown on asylum at the U.S.-Mexico border in exchange for their…[more]
— Samantha-Jo Roth, Congressional Reporter at Washington Examiner
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