MORE (N.Y.), who introduced a bill last year that would allow borrowers to collect on their payday loans if they can’t afford the monthly payments, said in a statement that he is “confident” the bill will be passed in the Senate.
“The legislation is a step in the right direction to address the debt problem for millions of Americans,” he said.
The bill passed the Senate Finance Committee on Monday with support from the banking industry, with several senators supporting the bill.
Democrats in the House have been less vocal on the issue.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Rep. Ted Deutch (D-Fla.) both introduced bills last year to allow borrowers with outstanding loans to collect their money if they could not afford the payments.
“A good majority of Americans have not been able to pay their mortgage and other bills for more than a year, and millions more have been struggling to make ends meet,” Deutch said in the statement.
“That’s why we must enact legislation that will help these struggling families in our communities get on their feet and back on their jobs.”
Sen. Tammy Baldwin Tammy Suzanne BaldwinTrump: ‘If we let her down, she’ll be dead in 10 minutes’ Baldwin, a Democrat, said the Senate should pass a bill that would extend the deadline for paying off a loan and allow borrowers who are struggling with their debts to collect up to 30 days of debt forgiveness.
“As a grandmother and a single mother, I am grateful to Sen. Baldwin and the committee for taking the time to work on this issue and ensuring that Americans can get the help they need to make their lives better,” Baldwin said in an emailed statement.