Copyright 2002 The Atlanta Journal-Constitution  

The Atlanta Journal-Constitution
May 23, 2002 Thursday, Home Edition
SECTION: Editorial; Pg. 19A

LENGTH: 380 words

HEADLINE: OUR OPINIONS: Miller should back lending bill

SOURCE: AJC

BODY:
In response to critics who charge he's a Republican in all but name, Zell Miller counters that he's beholden to no political party, only to the residents of Georgia. Miller claims a single allegiance in the U.S Senate: "To keep my promise to put the people's interests ahead of party politics."

It's time for Miller to deliver.

Last month, the people of Georgia pushed the state Legislature to pass the nation's toughest predatory lending law. It took tremendous public support to overcome industry opposition that Gov. Roy Barnes described as among the most rancorous he's ever confronted in a political battle.

That same fierce opposition is now taking aim at federal predatory lending legislation introduced this month by U.S. Senate Banking Committee Chairman Paul Sarbanes (D-Md.). Six Democrats on the Senate Banking Committee have yet to endorse the bill. Miller is among the holdouts.

Miller should have been the first to sign the bill, which was revised to incorporate key elements of Georgia's law. The bill protects borrowers from being exploited by loans that not only carry excessive interest rates, but also are saddled with additional fees and penalties.

On Wednesday, Miller said he can't ponder predatory lending right now because he's focused on the Enron-inspired accounting bill. (The accounting reform bill hasn't prevented four of his Democratic colleagues on the banking committee from co-sponsoring the predatory lending bill.)

"All I know about the predatory lending bill is that some have told me the Sarbanes bill goes too far and others have said it doesn't go far enough," said Miller.

If Miller needs a crash course on the bill, he ought to consult Barnes and fellow Democrats back home in Georgia. No state has heard more public outcry over the devastating impact of predatory loans than Georgia.

During the legislative session, busloads of people descended on the Capitol to tell their tales of abusive lending practices that forced them into bankruptcy or foreclosure.

Those people --- mostly poor and elderly --- are the ones Miller says he wanted to give a voice to when he went to Washington.

Well, Zell, they've spoken. Now, prove you're listening by leading the fight for a strong national predatory lending bill.

LOAD-DATE: May 23, 2002