House Republicans vote against the Economic Security Amendment
Republicans vote against a proposal to ensure that 200-2000% interest rate lending scams end in New Mexico
SANTA FE, NM – Today, during the House floor debate on House Bill 356, Representative Deborah Armstrong introduced the Economic Security amendment that would have capped high risk small loans at 36%. Every Republican present voted against the proposal. Rep. Maestas Barnes, Rep. McMillan, Rep. Pacheco, and Rep. Zimmerman were all immediately excused once the Economic Security amendment was introduced.
“We owe it to New Mexico to stop dangerous interest rates that can push a family into financial ruin,” said Representative Deborah Armstrong. “What these storefront lenders do to New Mexicans is unconscionable. This money is going to out-of-state- corporations instead of hard working New Mexicans. The U.S. Military and 18 other states in our nation have passed APR caps of 36% or less. House Republicans failed to act on the will of 85% of New Mexicans who favor a 36% cap and expect this chamber to not play politics but govern our state. House Republicans should not be playing politics with the economic security of New Mexican families.”
Every House Republican present voted against the amendment.