Like any group or business, small loans lenders and payday advance loan companies can make campaign contributions. Some believe that any business or trade organization that donates to a candidate is bribing them. Take the issue of payday loans for example. People think that any candidate or official that does not want them banned outright is bought off. There’s a fairly large hitch in that idea, though. The loan lenders, as an industry, do not posses that sort of weight to throw around.
Small loan business accused of buying officials
Trade organizations put a lot of cash into politicians in order to make sure they’re represented. Small personal loan providers like payday advance and installment loans companies are able to do this as well. Making campaign contributions is legally something these organizations are allowed to do. Sometimes they host conferences that officials are invited to, and there are plenty of other organizations that lobby incumbents or candidates. Yet a double standard is often observed. The newest Mexico Independent accounts that there was a recent New Mexico debate where Democratic candidate Diane Denish got upset at Susana Martinez since she had been supposedly bribed by payday lenders since Martinez had some of the alternate financial services industry throw a fundraiser for her.
Seeing the rules
A sector making contributions to a candidate doesn't mean too much. Some businesses are considered more acceptable to give donations. Who decides this? Purchasing off everyone is something that is hard to actually do for cash advance and small loan providers with no cash. The 2010 election fund, from the whole payday lending organization, ended up having Congressional Representative Heath Shuler of North Carolina getting $57,900. Senator Chris Dodd, by comparison received $152,100 from the Royal Financial institution of Scotland alone in 2010. Do you would like to see what your representatives are receiving? Go to OpenSecrets.org, and you might be surprised.
Just the small contribution
Small loan companies are only able for making really small contributions. Of course, high finance and banks are apt for making much larger donations when it comes to lobbies. The biggest contributor to election campaigns, far and away, is unions. Looking at history, unions are hardly squeaky clean by any stretch of the imagination. Contributions and bribes are different. They cannot be counted as the same. Payday loan Facts and Statistics Report on Personal Money Store are there for you to read.
Citations
New Mexico Independent
newmexicoindependent.com/65582/the-men-behind-martinezs-payday-loan-fundraiser
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