A long day of testimony on payday loans at the Capitol Wednesday. Are the high-interest short term loans driving up poverty in Milwaukee? State Representative Jason Fields, a Milwaukee Democrat, says there’s more to it than that.
AUDIO: Rep. Jason Fields (13 MP3)
But Oshkosh Democrat, Representative Gordon Hintz, author of a bill that would restrict finance charges, says payday loans contribute to poverty.
AUDIO: Rep. Gordon Hintz (:10 MP3)
Proponents argue that regulations are needed to protect consumers, while opponents claim it will deny consumer choice by driving the industry out of the state. State Representative Bill Kramer, a Waukesha Republican, tried to pin down Hintz on that point.
AUDIO: Reps. Kramer, Hintz (:20 MP3)
Fields and Hintz chair Assembly committees which heard hours of testimony during a joint hearing Wednesday, on legislation that would regulate the payday loan industry in Wisconsin.
