Sanford vetoes payday lending

Gov. Mark Sanford has vetoed a bill that would put limits on the state's payday lending industry. Sanford, known for his libertarian leanings, argued in his veto message that South Carolinians should be free to make whatever financial decision they choose.

Sanford was also disagreed with establishing a statewide database to track loans, saying such a database might compromise the privacy rights of borrowers.

The General Assembly passed payday lending regulation in its final hours, capping payday loans at $550 and limiting borrowers to one loan at a time. The limits would outlaw flipping, which is when borrowers assume more than one loan at a time. Some borrowers take out additional loans to pay off previous loans they can't afford to pay back, sinking them into a cycle of debt. To ensure the one-loan-at-a-time standard, the bill established a statewide database to track loans.

Sanford issued 9 other vetoes Tuesday. Lawmakers will return June 16 to take up the governor's vetoes.

Payday loan regs pass, ending 4-month impasse

The Senate passed a payday lending bill today, a controversial measure proponents call a compromise, and consumer advocates call disappointing.

The Senate vote for passage, 41-4, broke a four-month long General Assembly impasse.

Sen. Joel Lourie,D-Richland, a co-sponsor of the compromise amendment that broke impasse, said he expects the House of Representatives to accept the Senate version of the bill, without a need for further action.

Harrell: Rushed payday bill won't be considered

House Speaker Bobby Harrell, R-Charleston, said that even if the Senate strikes an agreement on a payday lending bill, that the House does not want to rush a bill through in the session's final day.

Harrell said the House wants time to consider the Senate version, and was not interested in rushing to get the bill to conference committee. Harrell said the House will consider any Senate changes and not just insist on its own version.

Lawmakers have until 5 p.m. today to approve bills or they will carry over until the next session in January. Lawmakers could work on bills in conference committee during a possible veto session in June.

Payday loan debate begins in Senate

The S.C. Senate has begun debating a bill that would regulate the state's $150 million payday lending industry.

Opponents of the bill have taken the floor, arguing the industry charges exorbitant interest rates and fees.

The payday lending industry supports regulations in the Senate that would set payday loans at $500 and would prevent consumers from assuming more than one loan at a time.

The industry has objected to caps on interest and regulations that would tie the amount a borrower can assume to their income.

Payday debate outlined in Senate

Sen. Wes Hayes, R-Rock Hill, urged his fellow senators to put tight regulations on the payday lending industry, as senate lawmakers debate a bill that would for the first time institute rules on how the industry operates. 

Hayes is part of a group of senators who intend to put more teeth in a bill before the Senate that would limit payday loans to $500 and would limit consumers to one loan at a time.

Hayes was part of a group of senators who wanted to tie the amount of payday loans to a borrower's income, something the industry said would make it impossible to do business in South Carolina.

Senate lawmakers are expected to debate payday lending on Wednesday.

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House turns back bill giving Sanford contol of ESC

Some House lawmakers are sore over Gov. Mark Sanford's refusal to accept $700 million in stimulus money -- and they're letting him know by thumbing their nose at legislation the governor favors.

Wednesday, in a close 56 to 54 vote, House members turned back a bill to put the governor in charge of the Employment Security Commission. Government restructuring has long been a goal of the governor who has criticized the Employment Security Commission.

Under the bill, the ESC's three commissioners would have been relegated to roles as hearing officers. A director would have been appointed by the governor to head the agency. The governor, with approval from the Senate, could fire the director.

Graham, Wilson oppose auto bailout plan

U.S. Senator Lindsey Graham, R-Seneca, and U.S. Rep. Joe Wilson, R-Springdale, both issued statements today opposing the plan passed by the U.S. House that would extend billions of dollars in loans to the failing auto industry.

The plan is scheduled to come before the Senate in the next few days.

"I oppose the current auto bailout plan," Graham said. "Simply put, the model Detroit has created will not sustain itself in the global economy."

Said Wilson: "While I am sympathetic to the situation facing the Big Three automakers, I do not believe that the circumstances warrant such a massive taxpayer funded bailout -- particularly when there are other existing avenues of relief and restructuring they have yet to pursue."

Barrett Changes View Of Bailout Bill

South Carolina U.S. Rep. Gresham Barrett, R-Westminster, issued a statement Thursday that he could live with the revised financial bailout bill approved by the U.S. Senate Wednesday. Barrett stopped short of saying he would vote for the bill, but felt that the new bill added tax cuts and other free market principles.

Barrett was the only U.S. House member from South Carolina to vote against the first bill. U.S. Sen. Jim DeMint voted against the revised bill Wednesday.

“Today we are faced with what Warren Buffet called an ‘economic Pearl Harbor’ that includes the ugly reality of an across the board credit freeze," Barrett said in the statement. "The ability for companies to meet payroll and fund activities is threatened, and let’s be clear I’m not talking about Wall Street businesses, but 3^rd district employers.  Whether it is a small business that may have to close its doors, or major corporations employing thousands of my constituents, jobs are at risk.  If Congress does not act the effects will be serious for American small business, families and consumers. 

“Monday’s bill relied purely on government activity failing to consider fundamental free market principles that I believe must be part of any solution. I was aware of the gravity of the situation then as I am now, but was optimistic that working with relevant parties and my constituents through the legislative process we could produce a better bill.  This legislation contains proven free market principles like tax relief and regulatory changes that will move our economy forward helping to mitigate the pain on Main Street.  While this bill continues to contain a number of provisions that I oppose, I believe we are at the end of the legislative process and action is required.” 

DeMint honored by small businesses

The National Federation of Independent Business has named U.S. Sen. Jim DeMint a Guardian of Small Business for what the organization calls DeMint's "outstanding voting record on behalf of America's small business owners in the 110th Congress."

The NFIB citied DeMint’s 91 percent NFIB voting record.

NFIB’s voting record tallies 11 key small business votes in the U.S. Senate taken during the 2007 and 2008 sessions. Issues range from tax relief to affordable health care and from lower energy costs to regulatory reform.

DeMint: Failing economy government's fault

U.S. Sen. Jim DeMint went on national TV this morning to oppose the proposed $700 billion bailout plan backed by President Bush Wednesday night.

DeMint, in an MSNBC appearance, said he opposes the government getting further in the mortgage business by buying troubled loans. He told the national audience he didn't trust government to fix the problem, and he hoped Congress would pursue "free market solutions."

"We ... need an infusion of new thinking because the government did cause this crisis," DeMint said.

DeMint said calls to his office opposing the bailout are "one hundred-to-one against."