Businesses have a right for making campaign contributions like individuals do. Even small loans providers like payday advance loan companies. However, according to some individuals any campaign contribution is tantamount to bribery. For instance, some think that if a candidate or office holder won’t support banning pay day loans has to be bought off. There’s a fairly big hitch in that idea, though. The loan providers, as an industry, do not posses that sort of weight to throw around.
Small loan industry accused of buying officials
Like any trade organization or concern, small loan providers like cash advance and payday installment loans companies can lobby politicians to voice their concerns or make sure they get a fair shake. It’s ok for the organizations to make campaign contributions. It’s something legal that they do. Sometimes they host conferences that officials are invited to, and you will find plenty of other organizations that lobby incumbents or candidates. There is apparently a double standard though. For instance, in a recent New Mexico gubernatorial debate, based on the newest Mexico Independent, Democratic candidate Diane Denish practically accused Susana Martinez of being bribed by payday advance loan providers because a fundraiser for Martinez was partially run by a lobbyist employed by the option financial services business.
Remembering who makes the rules up
Just because any one industry makes contributions to a candidate doesn’t mean a whole lot. Who gets to say that one organization is better than another when it comes to donating? Besides, cash advance and small loan providers as a sector can’t afford to actually buy off anybody. 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 Bank of Scotland alone this year. Anyone can look at lobbying data on OpenSecrets.org, and might be surprised at what they discover about their own representatives.
Small fish
Small loan providers 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. Unions typically donate the most when it comes to election campaigns. Unions are surely not the cleanest groups of individuals. Contributions that small hardly makes a bribe. Payday advance loan Facts and Statistics Record on Personal Money Store are there for you to read.
Articles cited
New Mexico Independent
newmexicoindependent.com/65582/the-men-behind-martinezs-payday-loan-fundraiser
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