Dolly Parton took Republican Sen. Bob Corker to task during an interview with a Tennessee radio station over his refusal to help regulate the nation's payday loan industry, which charges a whopping 400 percent interest rate to military families and unemployed workers for short-term loans when they're short of cash.
"For a dad and a mom trying to raise some kids on a military paycheck, a 400 percent interest rate is not just dumb, it's un-American," said Dolly, adding that the U.S. Senate is currently looking at reducing the maximum rate charged for payday loans from 400 percent to 36 percent.
"Growing up poor, I know the hardship and tragedy that money matters can cause to a family," she added.
Legislation was proposed in November that would give a new consumer protection agency the power to write and enforce rules governing payday lenders, debt collectors and other financial companies that are not part of banks. But according to Dolly, Sen. Corker removed the payday loan industry from regulation under that bill "so that it could continue to charge 400 percent interest rates to the men and women in the U.S. military around the world who are fighting to preserve our freedom."
The state of Tennessee has an estimated 2,700 military families, prime users of the payday loan service.
What do you think of Dolly's speaking out against a US Senator? Should the payday loan industry be subject to more restrictions?
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