Predatory Lending Elimination Act

Mr. President, today I am reintroducing the Predatory Lending Elimination Act along with many of my colleagues. This important legislation would extend the bipartisan Military Lending Act, MLA, protections for Active-Duty servicemembers and their families to all Americans by imposing a nationwide 36 percent cap on the annual percentage rate, APR, for most extensions of consumer credit.

The MLA was enacted on a bipartisan basis in 2006 to rein in payday and other unscrupulous lenders that targeted American troops with abusive and predatory loans. Unfortunately, the MLA does not protect veterans or Gold Star families from these exploitative practices. Servicemembers and

their families should not lose important consumer protections simply because they retire, separate from honorable service, or lose their loved ones. Frankly, all Americans deserve to be shielded from these kinds of predatory loans, and that is just what our bill does.

Hundreds of millions of American consumers could benefit from a 36- percent APR cap. In States that do not have such a cap, predatory lenders can offer loans with triple-digit APRs that trap individuals in cycles of debt. For instance, the Consumer Financial Protection Bureau found that 80 percent of payday loans are rolled over or renewed within 2 weeks. This practice can subject borrowers not just to high nominal interest rates but also to high fees that can quickly surpass the amount of money originally borrowed. These are hallmarks of predatory lending and poor underwriting.

According to a coalition of community organizations, payday lenders are known to target the most vulnerable, including seniors, veterans, and low-income borrowers. Many in these communities are already struggling to make ends meet as they navigate the President's tariffs and stubbornly high prices, and are continuing to pay exorbitant APRs may cause them to fall deeper into economic insecurity. This is why it is important to extend strong protections against unscrupulous lenders to all Americans.

The MLA's successful track record demonstrates that providing reasonable, responsible limits on interest rates does not cut off consumers' access to credit. According to a May 2021 report from the Department of Defense, ``credit cards, auto loans, and personal loans are widely available at risk-based rates under the 36 percent [military] APR'' and ``[s]ervice members continue to have ample access to necessary credit.''

Moreover, this legislation would follow the trend in many States towards greater protections against predatory loans. Nineteen States and the District of Columbia have enacted 36 percent APR caps or banned payday loans. Lenders in these States have incentives to offer more affordable loans that borrowers have an ability to repay. The same incentives should apply across the Nation.

I thank the 176 consumer advocacy groups, faith-based organizations, veteran service organizations, and trade associations that support this bill, including the Consumer Federation of America, the National Consumer Law Center, on behalf of its low-income clients, the Center for Responsible Lending, Americans for Financial Reform, Amalgamated Bank, the Military Officers Association of America, and the National Military Family Association.

I urge our colleagues to join us in supporting this important legislation.

Mr. President, today I am reintroducing the Predatory Lending Elimination Act along with many of my colleagues. This important legislation would extend the bipartisan Military Lending Act, MLA, protections for Active-Duty servicemembers and their families to all Americans by imposing a nationwide 36 percent cap on the annual percentage rate, APR, for most extensions of consumer credit.

The MLA was enacted on a bipartisan basis in 2006 to rein in payday and other unscrupulous lenders that targeted American troops with abusive and predatory loans. Unfortunately, the MLA does not protect veterans or Gold Star families from these exploitative practices. Servicemembers and

their families should not lose important consumer protections simply because they retire, separate from honorable service, or lose their loved ones. Frankly, all Americans deserve to be shielded from these kinds of predatory loans, and that is just what our bill does.

Hundreds of millions of American consumers could benefit from a 36- percent APR cap. In States that do not have such a cap, predatory lenders can offer loans with triple-digit APRs that trap individuals in cycles of debt. For instance, the Consumer Financial Protection Bureau found that 80 percent of payday loans are rolled over or renewed within 2 weeks. This practice can subject borrowers not just to high nominal interest rates but also to high fees that can quickly surpass the amount of money originally borrowed. These are hallmarks of predatory lending and poor underwriting.

According to a coalition of community organizations, payday lenders are known to target the most vulnerable, including seniors, veterans, and low-income borrowers. Many in these communities are already struggling to make ends meet as they navigate the President's tariffs and stubbornly high prices, and are continuing to pay exorbitant APRs may cause them to fall deeper into economic insecurity. This is why it is important to extend strong protections against unscrupulous lenders to all Americans.

The MLA's successful track record demonstrates that providing reasonable, responsible limits on interest rates does not cut off consumers' access to credit. According to a May 2021 report from the Department of Defense, ``credit cards, auto loans, and personal loans are widely available at risk-based rates under the 36 percent [military] APR'' and ``[s]ervice members continue to have ample access to necessary credit.''

Moreover, this legislation would follow the trend in many States towards greater protections against predatory loans. Nineteen States and the District of Columbia have enacted 36 percent APR caps or banned payday loans. Lenders in these States have incentives to offer more affordable loans that borrowers have an ability to repay. The same incentives should apply across the Nation.

I thank the 176 consumer advocacy groups, faith-based organizations, veteran service organizations, and trade associations that support this bill, including the Consumer Federation of America, the National Consumer Law Center, on behalf of its low-income clients, the Center for Responsible Lending, Americans for Financial Reform, Amalgamated Bank, the Military Officers Association of America, and the National Military Family Association.

I urge our colleagues to join us in supporting this important legislation.

Mr. President, I rise today to introduce the Accounting STEM Pursuit Act, which would help address workforce shortages in the accounting profession by recognizing accounting as a STEM education subject and adding accounting education programs as an allowable use of K through 12 Federal grant funding. I want to thank Senator Rosen for coleading this bill with me.

Accountants play a key role in today's economy. They serve as trusted advisers for companies large and small, assist in measuring business performance, help individuals and businesses file their taxes in an accurate and timely manner, assist government entities with their finances, and even investigate instances of financial fraud. Yet the United States is facing a shortage of accountants willing and able to fill these important economic roles. In Maine, for example, municipalities have struggled to find accountants to conduct their annual audits.

Recent trends suggest this shortage will continue. According to the Bureau of Labor Statistics, about 124,000 job openings for accountants and auditors are projected each year, on average, over the next decade. At the same time, fewer students are pursuing accounting degrees than in prior years.

The Accounting STEM Pursuit Act seeks to improve the accounting pipeline by expanding K through 12 students' exposure to accounting programs. As with other areas of STEM education, this bill would qualify accounting instruction for Federal funds. This recognition aligns with the increasing need for accounting professionals to have high-level math and technology skills, including the ability to analyze big data, ensure data security, and manage cyber security risk.

In particular, this bill would allow States and school districts to use a portion of their Federal student support and academic enrichment grant funding to support accounting education, including accounting career awareness. The Student Support and Academic Enrichment Grant Program was created as part of the Every Student Succeeds Act and aims to help States and school districts offer a well-rounded educational experience to all students. The Accounting STEM Pursuit Act would also allow school districts to use this flexible grant to strengthen their accounting curricula.

Businesses and individuals rely on accountants to help them develop and reach their financial goals. The Accounting STEM Pursuit Act would help address the shortage of accountants by promoting accounting education and improving the pipeline of future accountants. I encourage my colleagues to support this bipartisan bill.

Mr. President, I rise to introduce the Mental Health Career Promotion Act. This legislation would expand opportunities for students to learn about and pursue careers in mental health.

The Mental Health Career Promotion Act would bolster the behavioral and mental health workforce pipeline by providing students with educational opportunities in the mental health field. Specifically, this bill would establish the Behavioral and Mental Health Career Promotion Grant Program, administered by the Substance Abuse and Mental Health Services Administration, SAMHSA, which would provide funding to schools to create opportunities for students to interact with and shadow mental health care professionals, coordinate internship and externship opportunities for students who are interested in mental health, and provide educational presentations to students that increase exposure to and knowledge of the mental health field.

Poor mental health impacts millions of students, with two in five reporting persistent feelings of sadness or hopelessness in the last 30 days and one in five reporting that they have seriously considered attempting suicide in 2023. Unfortunately, most students go untreated because they do not know where to turn for help.

According to the most recent data from SAMHSA, more than half of all Americans live in a mental health professional shortage area. Unfortunately, between 2021 and 2026, the total number of mental health professionals in the United States is projected to decline by 13 percent while demand for these professionals is expected to increase by over 50 percent.

One of the most important steps that Congress can take to address this shortage is to expand opportunities for students to learn about and pursue careers in mental health. As our Nation continues to confront an unfolding mental health crisis, this critical legislation works to support the next generation of mental health professionals and reinforces the timeless message that there is zero shame in asking for help and that seeking support is a sign of strength.

I would like to thank Representative Balint for leading this legislation in the House, and I look forward to working with my colleagues to enact the Mental Health Career Promotion Act as soon as possible.