Ted Budd Aided Donors Trying To Bypass Predatory Lending Laws
North Carolina Republican Senate candidate Ted Budd used his congressional office to press federal regulators to let financial institutions evade his own state’s prohibitions against predatory lending, despite warnings from local watchdog groups that the move would cost North Carolina borrowers almost a half billion dollars.
The lawmaker’s pressure campaigns coincided with influxes of cash from Wall Street donors, according to an extensive review of federal records by The Lever. Budd also helped those same finance industry donors try to gut rules preventing them from hammering North Carolina small businesses and consumers with debit card fees.
Now, more donor rewards for Budd are on the way: Wall Street cash is flooding into North Carolina to boost his Senate campaign as new polling shows that Budd and his Democratic opponent Cheri Beasley are in a dead heat ahead of the election next month. The outcome could determine which party controls the upper chamber next year, and whether Budd is vaulted into an even more powerful position to help his Wall Street benefactors deregulate the financial system.
The swing-state candidates are vying to replace Republican Senator Richard Burr, who is retiring following a federal probe into his infamous $1.6 million stock dump days before COVID-19 sent markets tumbling. Rather than offering voters an anti-corruption candidate to clean house from that stench of scandal, Republican leaders coalesced behind a Senate nominee who has flagrantly pushed his donors’ agenda, even as it has enabled the financial industry to prey on citizens of his home state.
https://www.levernews.com/ted-budd-aided-donors-trying-to-bypass-predatory-lending-laws/
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