29 August 2005
The Honorable Elizabeth Dole
United States Senate
555 Dirksen Senate Office Building
Washington, DC 20510
Fax: 202-224-1100
Dear Senator Dole:
FRA
commends you for sponsoring an amendment to the National Defense Authorization
Act (S. 1042), that would establish requirements with respect to the terms of
consumer credit extended by a creditor to a service member or the dependent of
a service member.
FRA
strongly encourages its adoption. Recent
media reports provide images of streets leading to military bases littered with
businesses offering “fast cash loans.” A
visit to one of the installations cited in the attached article will quickly
authenticate these charges. More importantly,
it demonstrates a clear need for Congressional action.
The
men and women who volunteer to serve in the military often enlist straight out
of high school. Understandably, they
have limited experience in financial matters.
The average Seaman or Private already lives on a relatively low income,
and cannot afford to be saddled with ridiculously high interest loans and other
indebtedness. The actions of these
predators should be punishable by federal law.
FRA
salutes your leadership in working to create a policy to hold these
establishments accountable, and stands ready to assist you and your staff in
working toward the advancement of this important initiative.
Sincerely,
JOSEPH L. BARNES
National Executive Secretary
JLB:ed:tw