Payday lenders need regulation

“Rational regulation,” said Gov. Haley Barbour in his State of the State address: “I mention these things because our goal has to be to grow our economy faster than the nation as a whole, and we can do it. We have to focus on our advantages: low taxes, a friendly business climate, rational regulation, abundant natural resources and, especially, a first rate, affordable work force.”

He, obviously, sees some regulation as necessary but too much as anti-business. Finding the “rational regulation” balance that protects the public while aiding business is daunting.

Case in point: do current regulations let payday loan companies prey on desperate borrowers, or answer their prayers?

Hattiesburg American
1/19/10