[Congressional Record Volume 141, Number 38 (Wednesday, March 1, 1995)]
[House]
[Page H2402]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 INTRODUCTION OF THE CHECK CASHING ACT

  (Mr. FIELDS of Louisiana asked and was given permission to extend his 
remarks at this point in the Record.)
  Mr. FIELDS of Louisiana. Mr. Speaker, today, I rise with great 
concern for our consumers. Today, I rise to introduce the Check Cashing 
Act of 1995.
  The check cashing industry is growing by leaps and bounds, charging 
excessive rates in some instances, with no one to watch out for 
consumers. Mr. Speaker, this industry has more than doubled to a 
multibillion-dollar business in the past 8 years. In 1993 it was 
estimated that more than 150 million checks were cashed by check 
cashing outlets with a face value totaling more than $45 billion.
  My bill only asks that States develop a system to license or register 
check cashing outlets and that financial institutions cash Government 
checks. Today, too many of our constituents are paying up to 20 percent 
of the face value of a check to get their money. This is absurd and 
uncalled for.
  Mr. Speaker, we must work to give our communities every opportunity 
to improve themselves. With many banks denying consumers check cashing 
capability and check cashing outlets preying on them our Nation's 
financial services opportunities are bleak for many low- to moderate-
income Americans.
  Mr. Speaker, today a head of a household that earns a $300 pay check 
is subject to spending up to 20 percent, $60 of that check, just to 
gain access to the hard earned dollars. This $60 is taking away from 
food for children, rent for a roof over a families head, and 
transportation to and from work. This is unacceptable and must be 
stopped.
  I hope my colleagues will join me in supporting this legislation and 
my efforts to provide equal opportunities to all communities.


                          ____________________