[Congressional Record Volume 151, Number 93 (Tuesday, July 12, 2005)]
[Extensions of Remarks]
[Page E1472]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 MILITARY PERSONNEL FINANCIAL SERVICES

                                 ______
                                 

                           HON. LINCOLN DAVIS

                              of tennessee

                    in the house of representatives

                         Tuesday, July 12, 2005

  Mr. DAVIS. Mr. Speaker, I rise today to commend the House of 
Representatives for its work on H.R. 458, the Military Personnel 
Financial Services Protection Act. Simply put, this bill solves the 
problem of rogue predatory lenders and goes after high-cost abusive 
lenders who seek to take advantage of the young men and women dutifully 
serving in our military. Our servicemen and women deserve the 
protection of Congress not only on the battlefield but right here at 
home. In times of war it is all too often that our military personnel 
find themselves in stressful financial situations and hardships, 
through no fault of their own, due to unforeseen call-ups. They are 
forced to leave good paying jobs for significantly less money and still 
provide for their families. This is an incredibly difficult task, like 
sticking a circle through a square. And what do rogue predatory lenders 
want to do, Mr. Speaker? They seek to prey on these individuals with 
inappropriate sales and impositions such as garnishing military wages, 
collection calls to a service member's chain of command, and deceptive 
marketing. Congress has the responsibility to crack down on 
unscrupulous lenders who use deceptive financial practices to make a 
quick buck off of our uniformed service members. H.R. 458 does that, 
Mr. Speaker. As my colleague from Illinois, Mr. Rahm Emanuel said, it 
is time to end a culture on military bases that too often favors 
financial interests over the interests of our troops, their families, 
and their futures. I urge our colleagues in the Senate to give this 
legislation a vote and continue on with this body's efforts to protect 
our service men and women.

                          ____________________