Source: American Action News
An Arizona State Senator is pursuing a strange, populist course of action that puts her in camp with Bernie Sanders and Elizabeth Warren- the sort of interest rate voodoo that helped create the financial crisis:
Arizona State Senator Kimberly Yee is not making any new friends among the free-market Republican crowd in Arizona. In a recent Senate hearing, Yee, who has been touted as a rising star in the party, held her fire after a long debate until the voting opened on a financial services bill in her committee. She then unloaded with full ammunition on the financial services industry and their free market principles.
“This bill just doesn’t feel right,” Yee proclaimed. “I am standing with the poor,” while attacking the well-funded groups who were supportive and their consultant class.
Yee went on to explain she has a “strong moral compass” and wants to protect people – that she would possibly consider a bill capping interest rates on loans in Arizona, a position which is specifically prohibited under federal law by Dodd-Frank. By promoting rate caps, Yew veers left of the Obama Administration.
The issue at hand in last month’s Senate Commerce committee hearing was a proposed consumer lending bill known as Flexible Credit Loans, which would create a new credit product for up to $2500 over the course of a two-year loan term. Yee emphatically stated she could not back the measure before teeing off on its supporters with a blistering rhetoric.
The bill (and ones like it across the country), however, is supported by a broad base from left of center to the far right. In Arizona, leading free market groups, the Arizona Free Enterprise Club and the Goldwater Institute have spoken out in favor of the legislation.
One conservative Republican interviewed on the subject off the record stated that they were quite surprised at Yee’s comments and mini tirade. “She sounded more like Bernie Sanders than an Arizona Republican. I’m not quite sure where all of that came from.”
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