[Congressional Record (Bound Edition), Volume 151 (2005), Part 11]
[Extensions of Remarks]
[Page 15920]
[From the U.S. Government Publishing Office, www.gpo.gov]




   SUPPORTING TITLE II OF H.R. 458, THE MILITARY PERSONNEL FINANCIAL 
                        SERVICES PROTECTION ACT

                                 ______
                                 

                          HON. MARK R. KENNEDY

                              of minnesota

                    in the house of representatives

                        Wednesday, July 13, 2005

  Mr. KENNEDY of Minnesota. Mr. Speaker, I rise today in support of 
Title II of H.R. 458, the Military Personnel Financial Services 
Protection Act. This bill helps protect our troops and other military 
personnel from predatory lending. We must make sure that our fighting 
men and women have access to credit while ensuring that reasonable 
protections are put in place to combat abusive lending practices.
  Over the last few years, there has been an alarming increase in 
predatory financial scams located outside or near many of our nation's 
military bases. These unscrupulous businesses target members of our 
military and their families through the sale of sub-standard insurance 
and investment products. Many even resort to misleading representations 
that attempt to convince customers that the military endorses these 
businesses, which is simply not true.
  Mr. Speaker, Congress must take action to prevent such unfair lending 
practices, without punishing legitimate business in similar industries. 
H.R. 458 accomplishes this goal by identifying predatory businesses 
that abuse consumers and safeguarding the financial futures of our 
soldiers and their families who rely on their legitimate counterparts. 
I applaud my friend from Kentucky, Mr. Davis, for sponsoring this 
legislation and urge my colleagues, on both sides of the Capitol, to 
support it.

                          ____________________