[Congressional Record Volume 169, Number 206 (Thursday, December 14, 2023)]
[Senate]
[Pages S5999-S6000]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS
By Mr. CARDIN (for himself and Mr. Van Hollen):
S. 3544. A bill to designate the visitor and education center at Fort
McHenry National Monument and Historic Shrine as the ``Paul S. Sarbanes
Visitor and Education Center'' ; to the Committee on Energy and Natural
Resources.
Mr. CARDIN. Madam President, I am pleased to join Senator Van Hollen
in introducing legislation to honor my friend and former colleague, the
late Senator Paul S. Sarbanes, for his ceaseless efforts to preserve
Fort McHenry in Baltimore, MD. Senator Sarbanes worked tirelessly to
honor the site and elevate the history of the War of 1812 in the
national consciousness throughout his career. This legislation
acknowledges his long-term advocacy for the preservation of the site
and the improvement of the visitor experience by designating the
visitor and education center the Paul S. Sarbanes Visitor and Education
Center.
I first got to know Senator Sarbanes when he first ran for public
office in 1966. We both were elected to the Maryland General Assembly
that year, and we became good friends. Delegate Sarbanes at that point
made a name for himself on the House Judiciary Committee in the
Maryland General Assembly and was a rising star from his first day in
the Maryland General Assembly. He shortly thereafter ran for the U.S.
House of Representatives, where he served three terms with a very
distinguished record. His service in the House occurred during the
Watergate scandal. Representative Sarbanes was on the Judiciary
Committee and was given the responsibility of the first Article of
Impeachment against President Nixon. That article dealt with
obstruction of justice. It was the key article against President Nixon
on impeachment, and it is very telling that a relatively young and
junior Member of the House of Representatives was entrusted with
pursuing and presenting it. It was because of his work ethic, his
commitment to scholarship, and his understanding of legal issues that
he was entrusted with such an awesome responsibility.
Paul Sarbanes then served five terms in the U.S. Senate, the longest
term for any Senator in Maryland's history, which Senator Barbara
Mikulski ties 10 years later. Paul Sarbanes was known as a Senator's
Senator for his integrity and for his principled commitment to public
service. He was a Rhodes Scholar who chose to serve the public rather
than using his skills in the private sector for his own personal gain.
His entire life was devoted to public service. What a legacy he has
left us by his incredible public service. In 2002, the Enron scandal
hit America, and Senator Sarbanes, then chairing the Banking Committee,
teamed up with House Financial Services Committee Chair Michael Oxley
ass the Sarbanes-Oxley legislation. Then-President George W. Bush
called the Sarbanes-Oxley bill ``the most far-reaching reforms of
American business practices since the time of Franklin Delano
Roosevelt.'' From Watergate to Enron and beyond, Paul Sarbanes stepped
into the breach and he delivered on behalf of the American people. It
is a fitting tribute to name the Visitor Center at Fort McHenry
National Monument and Historic Shrine after a true American hero: Paul
S. Sarbanes.
______
By Mr. REED (for himself, Mr. Merkley, Mr. Brown, Ms. Smith, Mr.
Blumenthal, Ms. Stabenow, Mr. Warnock, Mr. Whitehouse, Mr.
Schatz, Mr. Wyden, Mr. Booker, Mr. Lujan, Mr. Fetterman, Mr.
Welch, Mr. Padilla, and Ms. Butler):
S. 3549. A bill to amend the Truth in Lending Act to extend the
consumer credit protections provided to members of the Armed Forces and
their dependents under title 10, United States Code, to all consumers;
to the Committee on Banking, Housing, and Urban Affairs.
Mr. REED. Madam President, today I am reintroducing the Predatory
Lending Elimination Act along with along with Senator Merkley, Senate
Banking Committee Chairman Brown, and many of my colleagues. This
important legislation would extend the bipartisan Military Lending
Act's, MLA, projections for Active-Duty servicemembers and their
families to all Americans by imposing a nationwide 36-percent cap on
the annual percentage rate APR for most extensions of consumer credit.
To The MLA was enacted on a bipartisan basis in 2006 to rein in
payday and other unscrupulous lenders that targeted American troops
with abusive and predatory loans. Unfortunately, the MLA does not
protect veterans or Gold Star families from these exploitative
practices. Our servicemembers and their families should not lose
important consumer protections simply because they retire, separate
from honorable service, or lose their loved ones. As such, our
legislation would extend the MLA's protections to veterans and Gold
Star families as well as ensure that all Americans are shielded from
predatory loans.
Hundreds of millions of American consumers could benefit from a 36-
percent APR cap. In States that do not have such a cap, predatory
lenders are permitted to offer loans with triple-digit APRs that trap
individuals in cycles of debt. For instance, the Consumer Financial
Protection Bureau found that 80 percent of payday loans are rolled over
or renewed within 2 weeks. This practice can subject borrowers not just
to high nominal interest rates but also to high fees that can quickly
surpass the amount of money originally borrowed. These are hallmarks of
predatory lending and poor underwriting.
According to a coalition of community organizations, payday lenders
are known to target the most vulnerable, including seniors, veterans,
and low-income borrowers. Many in these communities were already
struggling to make ends meet before the COVID-19 pandemic, and
continuing to pay exorbitant APRs may cause them to fall deeper into
economic insecurity. This is why it is important to extend strong
protections against unscrupulous lenders to all Americans.
The MLA's successful track record demonstrates that providing
reasonable, responsible limits on interest
[[Page S6000]]
rates does not cut off consumers' access to credit. According to a May
2021 report from the Department of Defense, ``credit cards, auto loans,
and personal loans are widely available at risk-based rates under the
36 percent [military] APR'' and ``[s]ervice members continue to have
ample access to necessary credit.''
Moreover, this legislation would follow the trend in many States
towards greater protections against predatory loans. Nineteen States
and the District of Columbia have enacted 36 percent APR caps or banned
payday loans. Lenders in these States have incentives to offer more
affordable loans that borrowers have an ability to repay. The same
incentives should apply across the Nation.
I thank the 170 consumer advocacy groups, faith-based organizations,
veteran service organizations, and trade associations that support this
bill, including the Consumer Federation of America, the National
Consumer Law Center on behalf of its low-income clients, the Center for
Responsible Lending, Americans for Financial Reform, Amalgamated Bank,
the Military Officers Association of America, and the National Military
Family Association.
I urge our colleagues to join us in supporting this important
legislation.
____________________