We've often highlighted how federal and state regulators who target short-term lenders only end up hurting…
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Federal Regulators Again Target Short-Term Lending, Hurting Struggling Americans They Claim to Help

We've often highlighted how federal and state regulators who target short-term lenders only end up hurting the struggling Americans they claim to be helping.

That dynamic is even more pronounced in times of increasing economic uncertainty like today.

According to a 2018 study from the federal government itself, nearly 40% of American families don’t possess sufficient savings to cover even a $400 emergency expense, including 51% of military service members living paycheck-to-paycheck.   For such people, credit cards aren’t always a viable option and traditional bank loans aren't feasible because of the small amounts involved.

They can, however, access desperately-needed money for the short-term via consumer finance loans.   Unfortunately, the Biden Administration, the Pelosi…[more]

July 05, 2022 • 07:23 PM

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Home Press Room New CFIF Ad Exposes Revised PROMESA Legislation for What It Remains: A “Super Chapter 9” Bailout for Puerto Rico
New CFIF Ad Exposes Revised PROMESA Legislation for What It Remains: A “Super Chapter 9” Bailout for Puerto Rico Print
Wednesday, April 13 2016

WASHINGTON, D.C. – The Center for Individual Freedom (CFIF) today announced a new television ad about the “Super Chapter 9” bailout legislation for Puerto Rico (H.R. 4900) that was formally introduced yesterday by Congressman Sean Duffy (R-WI) and is currently under consideration by the Committee on Natural Resources in the U.S. House of Representatives.

“We are deeply concerned by this most recent version of the ‘Puerto Rico Oversight, Management, and Economic Stability Act’ (PROMESA),” said Timothy Lee, CFIF’s Senior Vice President of Legal and Public Affairs. “The language of the bill is updated from the ‘Discussion Draft’ released in late March, but it is far from improved and lawmakers should not be fooled by it.  Despite claims to the contrary, this legislation is a Super Chapter 9 bailout on the backs of America’s retirees and savers, and violates the principles of property rights and the rule of law.”

The new ad is the latest component of CFIF’s education campaign about the contagion effect of a “Super Chapter 9” bailout. Should Congress retroactively change the rules of the game for Puerto Rico’s debt, effectively sacrificing the rule of law and property rights in order to give the Commonwealth unprecedented access to bankruptcy measures, there will be very real consequences for America’s taxpayers, investors and state and municipal governments.

“CFIF remains ready to support more effective proposals that address Puerto Rico's financial woes while safeguarding the principles of property rights and the rule of law,” said Lee.  “Such proposals include reforms relating to Puerto Rico's destructive minimum wage, Jones Act constraints and public union strike laws, among others.”

CFIF encourages all Americans to contact their representatives in Congress and tell them to vote against any bailout of Puerto Rico that constitutes, in name or effect, provisions commonly referred to as “Super Chapter 9.”

View the television ad below.

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