People For the American Way

Payday Loan Interests Funneled Dark Money into Fight Against Oversight

On Tuesday the Huffington Post’s Paul Blumenthal revealed that in 2012, the Online Consumers Network, an “arm of the online payday loan empire industry,” gave $200,000 to two dark money groups connected to top House Republicans during the industry’s push to roll back the power of the Consumer Financial Protection Bureau.

In other words, two years after the Citizens United decision that allowed for unlimited outside spending to influence elections, payday loan interests were funneling dark money political spending to benefit officials who could help in their efforts to fight oversight and regulation.

While this is far from surprising in light of the current state of our campaign finance laws, it flies in the face of how regulation should work. From the chemical industry ramping up political spending as Congress takes up a bill overhauling the regulation of chemicals, to the payday loan industry throwing money against oversight efforts, industry interests should never be driving the legislative or regulatory process. The public good should be.

Fighting to make governmental action about protecting ordinary Americans rather than protecting the bottom line of major corporations shouldn’t be controversial. It’s simply expecting our political system to work as it was intended: for the people.
 

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