Debra Saunders writes a second column today bemoaning the injustice of the Loanshark Protection Act, more commonly known as The Bankruptcy Abuse Prevention and Consumer Protection Act. Saunders finds that moniker's second half Orwellian, she said as much in her column a month ago. Today she says:
"As a Republican, it disappoints me to say this, but I understand why
people call the GOP the party of big business. When Washington pushes for more
responsibility among debtors, but not loan-shark-like lenders, when its
"ownership society" principles don't make big corporations own up to their
role in the bankruptcy problem, the GOP is toadying to big business. (Ditto
the 18 Democrats and one independent senator who voted for the bill.)"
No matter. Representative Ellen Tauscher (D-CA,) and 19 others in the "New Democrat Coaliton" wish to voice their ayes sooner, rather than later, and without all that pesky debate. She said as much in a letter she penned urging Speaker Hastert to
bring this bill to the House floor post haste. Tnr's Noam Schieber states that not only is this bad legislation, it will hurt Democrats politically. Unless, or course, credit card companies now make up the majority of their base.
Senators Boxer and Feinstein voted against the bill. On April 5th, Tauscher defended her support for the bill in a press release. By voting aye, Democrats looking to take back congress in 2006 may fatten their campaign coffers. Whether they'll trim their constituency support is yet to be seen. On this, Saunders says:
"Plunkett said some House members are having second thoughts, but they figure there is no advantage in voting no and displeasing a political contributing class. They figure, 'Why anger the credit industry when they know they're going to lose?'
"Well, there is a reason to anger the credit industry -- to represent your constituents. If readers want the House to kill this turkey, they should let their congressional representative know that they oppose this bill. This bad bill probably will pass anyway, but citizens who care about good government and good business practices should at least make those lawmakers who vote for the measure sweat."