Legislation Introduced to Protect Low-Income Taxpayers from Unscrupulous Loan Providers

Senator Gordon Smith (R-OR) has introduced the Taxpayer Protection and Assistance Act (S. 832) with a bipartisan group of leading Finance Committee members to improve oversight of businesses that issue Refund Anticipation Loans.

“RALs can be helpful for families in tight financial situations,” said Smith. “But these costs are outrageous and take advantage of people desperate for money. We need to make sure people understand what they’re getting into.”