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The DC Guerrilla Poetry Insurgency

ORAL Testimony: Public Hearing: Bill 17-177, the “Noise Control Protection Amendment Act of 2007″
“The Other Side,” at the Hip Hop Theater Festival »
WRITTEN Testimony: Public Hearing: Bill 17-177, the “Noise Control Protection Amendment Act of 2007″


Bill to Cap Payday Loan Interest Rates Passes

The D.C. Council voted 12 to 1 yesterday to approve legislation that would require payday loan stores to charge the same annual percentage rate as banks and credit unions, a limit that the payday lending industry says will put them out of business in the city.
The council was not swayed by the industry’s fervent lobbying during the past month or the cautionary words yesterday of council member Marion Barry (D-Ward 8), an original co-sponsor of the legislation. Barry warned that some residents would have nowhere else to go for eYesterday’s vote had been expected after a majority of the council voted in July to give preliminary approval to the bill, but the industry launched a hard-hitting advertising and lobbying campaign last month to try to persuade the council to reverse its position.
Council member Mary M. Cheh (D-Ward 3), who co-sponsored the bill with Barry, continued to condemn the current practices of payday lending, which have been criticized for creating a cycle of debt for customers.
“Less than 1 percent of the borrowers are able to pay it back or pay it back in two weeks,” she said. “They don’t provide short-term loans. They create long-term debt, and that’s the whole point.”

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For the Buddhist Monks of Burma


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