December 10, 2018

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Published Monday, March 31, 2014

Last Tuesday, IFL President Andrew Langer testified at the CFPB hearing in Nashville.

Listen to his statement here!

 

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Published Tuesday, March 25, 2014
FOR IMMEDIATE RELEASE
March 25, 2014
Contact: media@instituteforliberty.org

Institute for Liberty Calls out CFPB Director Cordray

 
Washington, D.C. – The following statement was prepared for delivery today by Institute for Liberty (IFL) President Andrew Langer at the Consumer Financial Protection Bureau (CFPB) field hearing in Nashville, TN:
 

"CFPB Director Richard Cordray and Members of the Panel:
 
Thank you for the opportunity to speak today.  My name is Andrew Langer, and I am President of the Institute for Liberty, a non-profit advocacy organization based in Washington, D.C.  We focus on executive branch regulatory policy, and the impact of the regulatory state on business in America.

I have to say, I am deeply concerned with Director Cordray’s remarks.  Not so much for what you said, Director, but by what you didn’t say.  For instance, I take issue with what you and other panelists have said, raising concerns about the potential interest payments on so-called 'payday loans.'  This is misleading—since such situations aren't limited to payday loans.  A family that takes out a 30 year $100,000 mortgage at a 4% APR will ultimately pay nearly $200,000 in interest over time.  This is not a public policy problem, however, and it should not be. The assessment of the riskiness of a loan is something that only a marketplace can really determine. The riskier the loan, the higher the terms. We cannot and should not be creating policies to eliminate risk.
 
But were your remarks to be taken at face value, one would think that this Administration were merely interested in fixing problems existing in the short-term, small-value, high-risk loan industry.  But what you failed to mention is the ongoing effort by this Administration to essentially destroy this industry through efforts like Operation Choke Point, whose literal goal is to 'choke off' the access to capital and payments necessary for this industrya thriving and vital sector of the economy—to survive.

The idea that this Administration wants to destroy this free market private industry, replacing it with a combination of postal lending (yes, your local post office would become your neighborhood lender) and community activist lending institutions should raise serious concerns.  Right now, businesses are footing the bill for their losses.  The Administration wants to put American taxpayers on the hook for what could potentially be billions of dollars in defaults.  This is an incredibly bad idea. Essentially, we're looking at a 19th century institution to solve a 21st Century problem; this defies common sense."



IFL is an aggressive defender of the rights of individuals to pursue the American dream. They inject the perspective of small businesses, and the working families that depend on them, into the public policy debate. For more, please visit: instituteforliberty.org.  
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Published Monday, March 24, 2014
FOR IMMEDIATE RELEASE
March 24, 2014
Contact: media@instituteforliberty.org

IFL President Andrew Langer Calls
Obama’s Operation Choke Point a "Thugocracy" Tactic

 
Washington, D.C. – The following is a statement from Institute for Liberty President Andrew Langer:
 
“The Guardian ran an Op-Ed yesterday written by Salon.com’s David Dayen, which was laden with false premises, and posits a discredited narrative that so-called 'payday lenders' represent some sort of market failure -- a market failure requiring massive government intervention in the marketplace.  No such failure exists, certainly not one requiring the total-destruction of an entire industry in the financial services sector using heavy-handed 'thugocracy' tactics. That's precisely what Operation Choke Point is: the government, acting as thugs, to do indirectly what it cannot do directly.
 
Progressives have always worked hard to attempt to ameliorate risks in a marketplace.  This goes hand-in-hand with their efforts to guarantee equality of outcomes in most other areas (wages, education, etc.).  But when the left tinkers in marketplaces in order to do what market forces warn not to, disaster ensues.  This is the same kind of policymaking that led to the rise of the housing bubble and its eventual collapse: well-intentioned policymakers wanted people with risky credit to buy homes, so they pressured mortgage companies into giving them loans by 'scoring' them on the number of risky loans they gave. 
 
The result was calamity -- and our economy is still struggling to improve.
 
Attempting to transfer the liability of low-dollar, high-risk loans from viable businesses to the American taxpayer is like deja vu all over again.  Worse, the idea of giving this responsibility to the U.S. Postal Service takes their collective eyes off of their primary (and constitutionally-mandated) responsibility.  Any time you take an agency's focus away from its core responsibility, it is bad public policy.”

IFL is an aggressive defender of the rights of individuals to pursue the American dream. They inject the perspective of small businesses, and the working families that depend on them, into the public policy debate. For more, please visit: instituteforliberty.org.  
 

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Published Monday, November 25, 2013

Not content with the debacle that is underway in America's health insurance marketplace, the nation's statists are now working to undermine the housing industry--an industry that is already struggling to recover.  On Friday, IFL sent a letter to the hill, warning them of the devastating possibilities the interference of "Corker Warner" could create!

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Published Monday, September 9, 2013

The Institute for Liberty is joining the fight to defend the pro-free market/limited-government efforts of Wisconsin Governor Scott Walker, now facing a backdoor effort to funnel huge sums of money to his opponents.

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Published Thursday, June 20, 2013

Yesterday, the Institute for Liberty joined with leaders in the conservative, free-market and limited government leaders to support the "Zero for Zero" initative in this year's Farm Bill.  This initative is the functional equivalent of ensuring that economic disarmament is not undertaken solely by the United States, and the text of the letter can be found here:

 

Joint Conservative Letter With Signatures by The American Conservative Union

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Published Tuesday, May 21, 2013

None of us like taxes, but for one of the largest U.S. companies to use schemes and tactics to protect its income from the IRS is unpatriotic, and in the case of Apple, it led to a significant shortfall in government revenues.  Even the most conservative estimates of what Apple sheltered would have brought billions to federal coffers – money that could’ve saved many health and safety programs from Sequester’s chopping block.  Programs like early childhood education through Head Start, public housing support, and health research at NIH all are victims of The Apple Sequester.

 

Apple is saying that they didn’t skirt the law – and that what they did was within the letter of the law.  Even if that’s true, their actions are profoundly un-American and especially insulting since millions of Americans support their company.

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Published Tuesday, May 21, 2013

As the Senate convenes a hearing today on issues surrounding corporate tax equity, the Institute for Liberty wants to remind lawmakers that their legislative powers do not exist in a vacuum--and that if we want to have a vibrant, thriving, and job-creating economy, we need to be rewarding those who have created, and continue to create jobs.  Our convoluted tax code, and our out-of-control regulatory state, both punishes and hobbles those who have chosen to invest, time and again, in America.  

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