Rep. Luis Gutierrez and the Payday Loan Act

Rep. Gutierrez (D., Ill) is sponsoring a bill to take out the payday loan folks. You know, the ones that charge $45 for a 2-week $300 payday loan. That's 391% interest, which is really bad. However, for folks coming up a paycheck short, an increasingly familiar scene, that is still better than paying the bank sharks' overdraft fees, which are about 1,000% (kid you not). So, is Rep. Gutierrez simply uninformed, or is he getting campaign contributions from banks? No, no, that couldn't be it. Get your mind out of the gutter, Gracie.