A new report from the Wisconsin Democracy Campaign suggests the payday loan industry has really been “greasing the palms” of legislators and other state officials, in an attempt to avoid regulation.
Figures released by the government watchdog group show the industry has spent over $650,000 lobbying at the Capitol against legislation that would put new controls on their businesses. They also contributed nearly $75,000 to state policy makers in 2009.
WDC executive director Mike McCabe says the figures show the industry is a big player in state politics, and also offers some insight into why lawmakers have had a hard time passing regulations this session.
Lawmakers will end their session next month and are expected to be on the floor for just a few days. McCabe says it’s doubtful they’ll be able to reach a consensus on reforms before wrapping up for the year.
AUDIO: John Colbert reports (:36)