The bill to clampdown on payday lending interest rates and fees has hit another wall. After passing out of the House with strong support, Senate Republicans have halted the bill in committee in order to consider possible changes.
Democrats on the committee tried to force a vote on the bill, but Senate Republicans were able to rally enough opposition to stop that vote.
Committee chair Scott Oelslager says he wants to hold off on a vote until members have more time to consider possible amendments.
“It’s the chair’s responsibility that there’s plenty of vetting and plenty of transparency and this was the fifth hearing in 8 days I can’t control the fact that I did not get the bill from the House until 8 days ago,” says Oelslager.
Consumer advocates don’t like the delay and fear that the proposed amendments would weaken the bill.