Favorite Congressman of Predatory Lenders Says Elizabeth Warren Should Be Neutered

Rep. Blaine Luetkemeyer Tells Bankers They Need to “Find a Way to Neuter” Sen. Elizabeth Warren, Calls Her “Darth Vader of the Financial Services World.”

“Rep. Blaine Luetkemeyer, a senior member of the House Financial Services Committee, told a conference of bankers this morning that they need to “find a way to neuter” Sen. Elizabeth Warren, whom he described as ‘the Darth Vader of the financial services world.’ Luetkemeyer was speaking on a panel with Democratic Sen. Heidi Heitkamp and Rep. Ed Perlmutter at an American Bankers Association conference in Washington.” [Politico, “Luetkemeyer Tells Bankers to ‘Neuter’ Warren,” 3/16/16 Behind Paywall]

Rep. Luetkemeyer Has Received More Than $1 Million From Banks and Powerful Financial Institutions.

During his congressional campaign and career, executives and political action committees from banks and other financial institutions have contributed more than $1 million to Rep. Luetkemeyer’s political endeavors. [Center for Responsive Politics, 2007-2016, Accessed 3/16/16]

  • Commercial Banks: $492,350
  • Securities & Investment: $249,400
  • Finance/Credit Companies: $209,400
  • Miscellaneous Finance: $89,250
  • Total: $1,040,400

The Predatory Lending Force Is Strong With Him.

Rep. Luetkemeyer Has Taken $63,500 From Payday Lenders During His Congressional Career. He Even Addressed Their Annual Conference at a California Luxury Golf Resort Via Video.

During his congressional campaigns and career, Rep. Luetkemeyer has raked in at least $63,000 in campaign cash from the payday lending industry. So smitten are payday lenders with the Congressman, the industry’s special interest trade group – the Community Financial Services Association of America (CFSA) – even played a video from Luetkemeyer for those attending their annual conference at a luxury golf resort in Carlsbad, California. [Center for Responsive Politics, 2007-2016, Accessed 3/16/16; Columbia Daily Tribune, “Conference Sheds Light On Payday Loan Industry,” 10/11/15] 

On Several Occasions, Rep. Luetkemeyer Has Accepted Thousands of Dollars in Campaign Cash from Predatory Payday Lenders Just Before or Soon After Taking Official Actions to Benefit the Industry

  • On February 5, 2015, Rep. Luetkemeyer sponsored HR 766 — legislation that would end Operation Choke Point, a Department of Justice (DOJ) effort that targets unscrupulous lending practices. The week before the legislation came to the House Financial Services Committee for a vote on July, 29, 2015, Luetkemeyer took $1000 from a payday lending industry executive and in the three weeks that followed, he took another $4,500 from industry executives and political action committees. [Congress.gov, HR 766; Luetkemeyer FEC Filing]
  • On July 18, 2012, Rep. Blaine Luetkemeyer of Missouri introduced HR 6139 – legislation that experts said would undermine oversight of payday lenders by allowing them to bypass the regulatory authority of the CFPB and stronger state laws. The day before, Luetkemeyer refunded a $2,500 campaign contribution to the CFSA’s PAC. Exactly two months later he received a contribution from the CFSA for double the original amount. [Congress.gov, HR 6139; Luetkemeyer FEC Filing]

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