Democrats’ Newest Foray Into ‘Anti-Racism’ Will Actually Hurt Minorities

DM

Democrats playing on the “anti-racism” wave spreading across America held a hearing Wednesday during which Sens. Chris Van Hollen (D-MD) and Sherrod Brown (D-OH) pushed legislation seeking to repeal a Trump-era rule they call “Rent-A-Bank.” The Trump administration rule was actually called the True Lender Rule and adopted by the Office of the Comptroller of the Currency (OCC) on October 30, 2020. In the background information posted to the Federal Register, the final rule specifically states that it considered concerns from critics (mostly Democrats) and addressed them. Democrats and their media supporters have continued to attack the rule, claiming the rule hurts American consumers. Van Hollen claimed the “Trump Administration ripped consumer protections to shreds, leaving Americans vulnerable to unscrupulous predatory lenders who charge outrageous interest rates.” Rep. Jesus “Chuy” Garcia (D-IL) claims this was part of a scheme where “Predatory loans trap working families into cycles of debt they can’t pay off,” with the True Lender Rule allowing “get around state laws that protect consumers.”

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