The banking lobby still holds enough sway inside the Beltway to torpedo sensible consumer protection rules, even after releasing a flood of predatory mortgages that kicked off the current economic crisis. On issues ranging from payday loans to subprime mortgages, the banking industry continues to successfully defend itself against new regulations that would protect the consumer. As if that weren't outrage enough, the finance lobby has also joined other corporate interest groups to fund misinformation campaigns that smear unions and block wage growth.
Stephen Colbert nailed the connection between special-interest campaign contributions and results in Congress (in a way only he could).
In the process, he also nailed Rep. Luis Gutierrez (D-IL), who Colbert accuses of selling out to the Payday Loan industry for a mere $10,000. Gutierrez dramatically watered down his "Payday Loan Reform Act" in a way that will make the Payday industry billions -- at the expense of the little guy.
It was a smart investment for the Payday industry. But it's horrible for our democracy.
Colbert's segment basically made the case for why Congress needs to pass the bipartisan Fair Elections Now Act, which would put in place public funding of congressional elections (while still allowing Obama-style small donations, matching them four to one).
Check out the Colbert video for yourself on the Change Congress website by clicking here. On that page, you can also take action to get Congress to pass this crucial reform bill.
(If you want to help spread the reform message to others, share this post over email, Facebook, or Twitter. #gutierrez #politics #money. Disclosure: I work for Big Reform group Change Congress.)
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