Congressman Lewis offers protection for my peers

On a whim, I visited Congressman Lewis's website this morning to check out his press releases. I was rewarded with another reason to love Congressman Ron Lewis of Kentucky, (of which I'm a constituent). I'm a serviceman and from the moment I finished basic military training, I've received "exclusive offers" for military people. I was fortunate enough to avoid most of these traps but I saw several of my peers fall victim to the free flow of money through credit. These young men purchased cars, motorcycles, huge stereo systems and filled their dorms with mountains of new stuff. Some of them soon found themselves over extended and in trouble with their squadron commanders because of financial irresponsibility. I've seen it with my own eyes and know that it is something that has been happening for more than 20 years.

Ron Lewis also seems to see this as a problem. Instead of explaining my understanding of it, I offer his press release from his website. GREAT JOB Congressman and thank you!!!

For Immediate Release
August 7, 2006
Contact: Michael Dodge
(202) 225-3501
http://www.house.gov/list/press/ky02_lewis/pred.html 

Lewis Cosponsors Bill to Protect Military From Predatory Lending
Servicemembers Anti-Predatory Lending Protection Act will tighten creditor terms

WASHINGTON, D.C - U.S. Representative Ron Lewis recently announced his support and co-sponsorship of the Servicemembers Anti-Predatory Lending Protection Act (H.R. 97), legislation introduced by Rep. Sam Graves (R-MO) to tighten laws governing terms of consumer credit extended by creditors to members of the armed services and their dependents.

"I am proud to be a cosponsor of this important bill," said Lewis. "Our men and women in uniform should not fall victim to the deceptive schemes of greedy lenders. We owe it to them to do all that we can to protect their safety and financial well-being while they defend our freedom."

The Servicemembers Anti-Predatory Lending Protection Act will prevent predatory lending practices by prohibiting creditors from imposing annual percentage rates greater than 36 percent on extended consumer credit. The bill also sets forth mandatory loan disclosures concerning annual percentage rates and payment obligations. H.R. 97 also includes a provision to preempt any state or federal law, rule or regulation inconsistent with the Act.

"I salute my colleague for introducing this bill," said Lewis. "I hope the entire Congress will demonstrate their continued support for our troops and their families by bringing this bill up for a quick vote and passing it into law. We must act to stop these predatory lenders from making fast money at the expense of the heroic men and women of the United States Military."

An identical provision was incorporated into the Department of Defense Appropriations

Act for Fiscal Year 2007 passed in the U.S. Senate in June. House and Senate leaders will further consider the measure in conference later this year.

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