April 29, 2016 01:19 PM UTC

Loan Shark Liability: Dems Take Aim at Larry Crowder

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• by: Colorado Pols

A press release yesterday from the Democratic Senate Campaign Fund calls out Sen. Larry Crowder, in a hot race against Democratic Las Animas County Sheriff Jim Casias, for his support of Senate Bill 16-185: the bill that passed the Senate this week on a party-line vote to jack up interest rates on subprime personal loans.

“In a session in which helping working people should be the focus, my opponent is co-sponsoring a bill that would enlarge profits for the wealthy at the expense of the working class. We need to be looking at how to reward people who work hard and play by the rules, not giving big breaks to Denver special interests at the expense of working people.” said Jim Casias, Candidate for Senate District 35.

Crowder’s senate district has struggled to regain footing since the Great Recession and many people in his district have taken note. During his first-term, Crowder has voted to gut retirement benefits for teachers, state patrol, correctional officers, and other public employees (SB15-80) while voting to give a pay raise for politicians like himself (HB15-1256). Additionally, he has been under fire for voting down a rural economic bill that would bring broadband Internet to rural districts like his (15’ Cow Budget #34).

District 35 resident Paula Lucero said, “I don’t see how helping loan sharks benefits our district. Who is putting Larry Crowder up to this and what is he getting out of it?”

…Non-partisan experts on local and state economy and finance, including AARP Colorado, Colorado Fiscal Institute, and Colorado Center for Law and Policy, testified that the measure is a solution in search of a problem. The bill would allow interest rates up to 36% for loans.

However ingratiating lobbyists for subprime personal lenders may be, the fact is that the industry does not have a good reputation among voters–especially voters in economically challenged areas like the sprawling southern Colorado district Crowder represents. Especially after every Democrat in the Colorado Senate held firm in voting no on Senate Bill 16-185, this is an issue that can be capitalized on to good effect in the upcoming elections.

And it won’t just be Crowder. Ahead of final passage, several Republican Senators added themselves as co-sponsors, including at least two in targeted races this year–Randy Baumgardner and Jack Tate.

We expect to see all of them in shark suits this fall.