Pawnshops Heart Gutierrez

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Monday, April 27, 2009 at 4:36 pm

Following up on our piece this month about how payday lenders have found a friend in Rep. Luis Gutierrez (D-Ill.) — who’s pushing legislation that caps interest rates on those loans at nearly 400 percent — it comes as little surprise that the pawnshop industry, among the largest sub-sets of short-term lenders, has been kind to Gutierrez this year when it comes to political contributions.

Of the 21 individuals who donated more than $21,000 to the Illinois Democrat in the first quarter of this year, 15 represent the pawnshop industry, according to documents filed with the Federal Election Commission. Total donations from those 15 donors was $10,500.

That’s not a ton of cash, all things considered, but it is symbolic of Washington’s scratch-your-back mentality, in which industries dump thousands of dollars into the coffers of lawmakers who are in positions to help those businesses legislatively. (Gutierrez is chairman of the House Financial Services subpanel on consumer credit.)

Indeed, the political action committee for the National Pawnbrokers Association, which dropped a cool $1,000 on Gutierrez this year, didn’t give him a dime in years past when he supported efforts to eliminate payday lenders altogether.

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Pawnshops Heart Gutierrez
Pingback posted April 27, 2009 @ 5:33 pm

[...] News Sources wrote an interesting post today onHere’s a quick excerptFollowing up on our piece this month about how payday lenders have found a friend in Rep. Luis Gutierrez (D-Ill.) — who’s pushing legislation that caps interest rates on those loans at nearly 400 percent — it comes as little surprise that the pawnshop industry, among the largest sub-sets of short-term lenders, has been kind to Gutierrez this year when it comes to political contributions. Of the 21 individuals who donated more than $21,000 to the Illinois Democrat in the first quarter of this [...]


Topics about Lenders » Pawnshops Heart Gutierrez
Pingback posted April 27, 2009 @ 7:50 pm

[...] James Yetman added an interesting post today on Pawnshops Heart GutierrezHere’s a small readingFollowing up on our piece this month about how payday lenders have found a friend in Rep. Luis Gutierrez (D-Ill.) — who’s pushing legislation that caps interest rates on those loans at nearly 400 percent — it comes as little surprise that the pawnshop industry, among the largest sub-sets of… [...]


Pawnshops love Gutierrez
Pingback posted April 28, 2009 @ 8:47 am

[...] really.  As we said before, stories about contributions to politicians are ridiculous.  But it is interesting to point out that pawnshops contributed more [...]


Payday Lending Rep
Comment posted May 1, 2009 @ 2:53 pm

Of course they didn't support him when he was attacking the industry. And of course they are going to lobby on behalf of their cause. I don't see what's shocking here?


Payday Lending Rep
Comment posted May 1, 2009 @ 9:53 pm

Of course they didn't support him when he was attacking the industry. And of course they are going to lobby on behalf of their cause. I don't see what's shocking here?


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