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Corporate Crime Reporter: New Report Details Revolving Door Between House Financial Services Committee and Industry
On the heels of House Financial Services Committee Chairman Jeb Hensarling unveiling his proposal to dismantle critical consumer financial protections enacted in 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act, Allied Progress is out with a new report detailing the revolving door between Hensarling’s committee and the financial industry and how key members of his committee staff have invested in and taken junkets from the very industry they’re paid to oversee.
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Dallas Morning News: Sen. Elizabeth Warren Slams Dallas Rep. Hensarling’s Dodd-Frank Proposal as ‘Wet Kiss’ to Wall Street
Allied Progress, a left-leaning advocacy group, also accuses Hensarling of pandering to his deep-pocketed donors. Karl Frisch, executive director of Allied Progress, notes Hensarling has collected millions in campaign donations from the financial industry since 2010. Emerson dismissed that accusation, pointing out that Hensarling has opposed Dodd-Frank since its inception.
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Washington Times: Debbie Wasserman Schultz Flips, Backs Payday Loan Crackdown Under Pressure From Left
“This is a wake-up call for progressives in Congress and every state legislature around the country. Getting in bed with the payday lending industry isn’t only bad policy, it’s bad politics,” said Karl Frisch, executive director for Allied Progress, which had been running television and digital ads blasting Ms. Wasserman Schultz and Mr. Murphy for their support of Florida’s payday lending laws.
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Sun-Sentinel: Wasserman Schultz Supports Payday Loan Rules
“This is a wake-up call for progressives in Congress and every state legislature around the country. Getting in bed with the payday lending industry isn’t only bad policy, it’s bad politics,” Allied Progress executive director Karl Frisch said. Wasserman Schultz’s willingness to reconsider her position is a testament to her thoughtful leadership and our representative democracy.”
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Newsweek: Moving Left, Debbie Wasserman Schultz Drops Opposition to Payday Loan Regulations
Karl Frisch, executive director of Allied Progress, called Wasserman Schultz’s move a victory. “This is a wake-up call for progressives in Congress and every state legislature around the country. Getting in bed with the payday lending industry isn’t only bad policy, it’s bad politics,” he said.
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Tampa Bay Times: Wasserman Schultz Reverses Opposition to New Payday Lender Rules
Allied Progress, which ran ads against Wasserman Schultz, declared victory. “This is a wake-up call for progressives in Congress and every state legislature around the country. Getting in bed with the payday lending industry isn’t only bad policy, it’s bad politics,” said Allied Progress executive director Karl Frisch.
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Common Dreams: Warren’s CFPB Cracks Down on Predatory Lenders—But Will It Be Enough?
On Thursday, Allied Progress executive director Karl Frisch declared: “It’s time for our Representatives in Congress to speak up and let us know where they stand. Do they support the CFPB’s proposed rule, or not? Will they champion the needs of their constituents and those caught in the payday lending debt trap or that of the predatory lenders who fill many of their campaign bank accounts?”
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Consumer Affairs: CFPB’s Plan to Clean up Payday Loans Faces Stiff Opposition
Allied Progress, the liberal advocacy group that “outed” Wasserman Schultz, says many other Congressional representatives are in the pocket of payday loan interests. “Payday lenders have spent millions of dollars currying favor with powerful Washington politicians and they will do whatever it takes to keep this extremely lucrative predatory racket humming along,” said Karl Frisch, the group’s director.
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Tampa Bay Times: Patrick Murphy Retreats From Payday Lender Bill
Allied Progress says it is taking Murphy out of contention of the ads. “Make no mistake – the CFPB’s proposed rule flies in the face of the disastrous ‘Florida model’ of payday lending and H.R. 4018, legislation initially co-authored by Rep. Patrick Murphy,” said Allied Progress executive director Karl Frisch.
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Salon: New Regulation Proposal Won’t Do Enough to Rein in Predatory Payday Lenders, Consumer Groups Say
Progressive non-profit organization Allied Progress says this is just industry hoopla. It praised the proposal, but encouraged the CFPB to further strengthen protections for consumers. “While this is a good start and an important step in the right direction, the fight is far from over,” said Allied Progress Executive Director Karl Frisch in a statement.