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PURE COMEDY: CNN Host Fantasizes Biden s New Deal Can Make America Great Again

PURE COMEDY: CNN Host Fantasizes Biden s New Deal Can Make America Great Again
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More progressive legislation moves forward

Since 2006, federal law has capped annual interest rates on payday loans to active-duty military members at 36%. The interest rate cap was broadened in 2015 to include several more types of personal, unsecured loans. In Illinois, meanwhile, payday loan borrowers have been subjected to average annual interest rates of close to 300% Illinois lawmakers tried to tackle this issue in 2005, and passed a rate cap that was widely heralded. But the industry took advantage of a gaping loophole and then kept right on with their business.   That legislation was painstakingly negotiated over many months. Under the old regime of House Speaker Michael Madigan, most every interest was given a seat at the table and then they were told to hammer out their best deals. Madigan often said he was a big fan of President Franklin Delano Roosevelt s use of that same method to pass much of his own legislation.

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