Domestic Policy Caucus Sends Letter to Minnesota Senators Urging Opposition to DIDMCA Opt-Out

Over the weekend, the Domestic Policy Caucus wrote to key Minnesota state senators urging opposition to the state opting out of the Depository Institutions and Monetary Control Act of 1980. 

Among other points in the letter, DPC wrote, "Right now, consumers have an array of credit options because of vibrant competition among financial institutions—particularly among federally and state-chartered banks... It is unfortunate that in passing DIDMCA, Congress included a provision that would allow state legislatures to opt out of the law... The noble objective of trying to erect guardrails to protect the rare irresponsible credit consumer would have a deleterious effect on responsible consumers by limiting everyone’s credit options... Of course, the impact of a DIDMCA opt-out would be negligible to Minnesota’s more financially well-off consumers... Less well-to-do Minnesotans and Minnesotans with sparse credit histories or imperfect credit ratings should have myriad credit options just like well-off Americans do to help them weather financial storms and build a better future for their families."

Read the full letter here.

Domestic Policy Caucus Testifies Before Minnesota Senate Transportation Committee to Oppose Liquid Fuel Ban

Kent Kaiser, Ph.D., secretary/treasurer of the Domestic Policy Caucus and executive director of No Fuel Ban testified before the Minnesota Senate Transportation Committee to oppose Senate File 2684, which ultimately would impose a liquid fuel ban in the state.

In his testimony, Kaiser said the following.

At a time when Minnesotans are already struggling with inflation, the last thing the state needs is a costly California-style fuel ban.

And to be clear: Requiring Minnesota’s transportation fuels to achieve a 100% reduction in carbon intensity by 2050 is not a fuel standard but a fuel ban.

At the end of the last session, the Legislature created the Clean Transportation Standard Work Group, focusing exclusively on how the state could go about implementing the CTS policy. It has not examined larger, more substantive questions about how much a fuel ban will cost consumers, what impact it will have on Minnesota’s existing fuel industry, or if such a policy is even workable in Minnesota at all.

The Work Group’s own analysis shows that simply sticking with current Minnesota policies – which would impose no additional costs on Minnesota families – would achieve a 30 percent reduction in the state’s transportation sector emissions. We would out-perform California if we did nothing new.

However, if the fuel mandate policy moves forward, Minnesota families could be forced to pay hundreds of dollars more a year in fuel costs—studies suggest at least 45 cents per gallon more in 6 years and even more thereafter—in order to subsidize electric vehicles and fuels produced in other states. 

We know the legislature likes to incentivize citizens with carrots and sticks to achieve policy objectives, but this bill would disproportionately stick it to low- and middle-income families and rural residents across Minnesota.

Not surprisingly, a recent informal poll we conducted shows that 77% of Minnesotans oppose a liquid fuel ban.

We urge you: Instead of promoting regulations favoring only one technology, please reject this California-style fuel ban and support our state’s diverse energy portfolio, including biofuels and clean technologies.

Video of the Domestic Policy Caucus testimony begins at about 2:56:50 here.

DPC Appears on WWTC The Patriot Radio to Discuss DIDMCA Opt-Out Legislation

Domestic Policy Caucus Secretary/Treasurer Kent Kaiser, Ph.D., appeared on the Jack Tomczak Show on WWTC 1280 AM The Patriot in the Twin Cities to discuss legislation currently being considered in the Minnesota Legislature to opt out of the four-decades-old federal Depository Institutions and Monetary Control Act of 1980 which allows state-chartered banks to compete across state lines.

Listen to the broadcast here.

DPC Appears on WWTC The Patriot Radio to Discuss No Fuel Ban Campaign

Domestic Policy Caucus Secretary/Treasurer Kent Kaiser, Ph.D., appeared on the Jack Tomczak Show on WWTC 1280 AM The Patriot in the Twin Cities to discuss the No Fuel Ban campaign.

Listen to the broadcast here.

DPC in MinnPost: A looming threat to Minnesota credit consumers

DPC Secretary/Treasurer Kent Kaiser, Ph.D., has published an op-ed in MinnPost, "A looming threat to Minnesota credit consumers," which discusses a Minnesota legislative proposal that would opt the state out of a federal law that has provided more credit options to more people. 

In the op-ed, Kaiser wrote, "Less well-to-do Minnesotans should have a myriad of credit options just like well-off Americans do to help them weather financial storms and build a better future for their families."

Read the full op-ed here.

House File 3680/Senate File 3932: A Threat to Minnesota Credit Consumers

In Minnesota, the state legislature is considering a bill, H.F. 3680/S.F. 3932, that would severely restrict access to credit for millions of underserved Minnesota consumers

• 32% of consumers have non-prime credit scores – that’s 1.8M Minnesotans.

• Nearly 30 percent of Minnesotans have limited credit history or poor/fair credit.

• 20% of Minnesotans had some or lots of difficulty paying for usual household expenses.

• 17% of Minnesotans have outstanding credit card debt that exceeds 75% of their total credit limit.

These are the consumers who would be most harmed by H.F. 3680/S.F. 3932—Minnesotans who can’t get a loan from a bank and struggle to access credit they need.

Read our one-pager here.

Watch testimony before the Minnesota House Commerce Committee starting at 44:00 here, including from DPC Secretary/Treasurer Kent Kaiser, Ph.D.

Watch testimony before the Minnesota Senate Commerce & Consumer Protection Committee starting at 1:16:00 here, including from DPC Secretary/Treasurer Kent Kaiser, Ph.D.

Domestic Policy Caucus in DC Journal: Debanking Is a Serious Problem for Marginalized People

Domestic Policy Caucus Secretary/Treasurer Kent Kaiser, Ph.D., penned an op-ed for the DC Journal, an Inside Sources publication, "Debanking is a Serious Problem for Marginalized People."

Kaiser wrote, in part, "All Americans deserve equal access to credit. There is no merit in limiting access to credit through debanking consumers and forcing them to seek unregulated, back-alley credit or to bounce a check, go bankrupt, pile up debt on a credit card, or be forced into other, even worse alternatives."

Read the full op-ed here.

NoGovInternet.com Campaign Launches Video Ad, “Stay In Your Lane,” on Cable TV in Utah

NoGovInternet.com Campaign, a project of the Domestic Policy Caucus, launched a video ad, “Stay In Your Lane,” on cable TV to inform Utahns about the folly of government running and owning the internet.

Watch the ad here.

On Interest Rate Caps, Special Interest Group Deceives Consumers

The deceptively named Center for Responsible Lending is misleading Americans in a recent one-pager about interest rate caps. While the organization paints rate caps in a positive light, it is obvious that capping rates actually harms American consumers and puts financially vulnerable people in peril.

The Center for Responsible Lending claims capping short-term loans, such as payday loans, will prevent consumers from becoming overly indebted. That could not be more wrong. Capping interest on short-term credit options forces financial institutions to be more selective in issuing loans. This means Americans who are disadvantaged, have a poor credit history, and lack access to bank accounts will be restricted from receiving the credit they need. We have already seen the consequences of these rate caps in states that have imposed them.

Let’s say people in need of small-dollar credit don’t want to take out a larger, long-term loan. Then what happens? People in difficult financial situations turn to even more undesirable alternatives like bankruptcy, bouncing checks, amassing credit card debt and paying only the monthly minimum, selling their possessions, or worse. Restricting access to credit will not prevent financial struggles, it will lead only to more challenges and hardships in America.

It is suspicious that in this piece, the Center for Responsible Lending cites mainly its own prior publications, neglecting any reliable, disinterested, or counterbalancing third-party sources. It is clear that the Center for Responsible Lending has no idea what is best for American consumers. The organization is blinded by its misguided agenda and fails to provide reliable, legitimate consumer credit information.

The Domestic Policy Caucus encourages everyone to learn more about the reality of short-term loans, and the benefit they convey to consumers by visiting the following websites: Online Lenders Alliance, Corporate Finance Institute, Boss Magazine.

NoGovInternet.com Announces Campaign to Alert Utahns about Government-Owned and Controlled Internet

In a press release, NoGovInternet.com announced the launch of a statewide campaign to oppose the expansion of government-owned broadband networks. NoGovInternet.com launched this campaign on TV and radio. It will continue to inform and educate Utahns, including outreach via digital ads, direct mail, and other multi-channel communications.

When the government owns and operates your broadband network, it controls the backbone of the internet. Putting local government in control of the speed and flow of information and personal data of its citizens poses real threats to personal freedoms and liberties, and it puts taxpayer dollars at risk. 

Nearly 80% of Utah’s residents are seeing their quality of life decrease while their cost of living increases. Utah cities are struggling every day to address population growth in urban and suburban areas while rural Utah continues to struggle to stay afloat with shrinking opportunities and population. 

Local government serves citizens best when focusing on growth-related issues such as traffic congestion, scarce water resources, crime, and public safety. Government should smartly partner with the private sector, but when government chooses to compete with, or worse, replace the private sector, it can be catastrophic for generations.

The failed experiments of iProvo and UTOPIA are Utah’s case studies for cities that have veered too far from their core duties and the proper role of government. UTOPIA is a union of city governments that have taxpayers foot the bill, putting public dollars at risk. They do this while competing with and replacing services from private providers. 

Former Speaker of the House Greg Hughes will be spearheading this important effort, delivering the information, and opening the black box behind Utah’s government takeover of broadband networks. 

“I’ve spent over 15 years in public service and have campaigned for office ten times. I have never met a single person who said they wanted the government to own and control their internet service,” Hughes said. 

“I look forward to getting good information that drives good decisions to city leaders, thought leaders, the media, and the taxpayers of Utah. If we see the day when cities have conquered the challenges of growth, water, parks, public safety, and other pressing core duties, they still should not become ‘entrepreneurs’ with their constituents’ tax dollars.”

The Domestic Policy Caucus encourages everyone to join the campaign at www.NoGovInternet.com. 

View NoGovInternet.com’s first television ad: “Not What They Do”