“We bailed the banks out, now it’s their turn to bail us out.” AB 2501 assembly speaker on the house floor.
Sacramento, CA – 15 June, 2020 – Late Monday afternoon, the “Job Killer” Bill AB 2501 went to the floor for vote.
With a final published vote of 28 yes votes and 25 no votes, AB 2501 failed to achieve the necessary 41 votes for passage.
According to a lobbyist on the hill, AB 2501 is still eligible to be reintroduced for reconsideration, one last time on Thursday June 18, 2020.
The vote was held open long after the bill’s initial presentation and was at one point 39-25 in favor of passage.
Voting swayed dramatically see the updates here!
Persistent opposition lobbying by phone, at the same time that Assembly Woman Monique Limon was on the floor actively trying to get support appears to have changed many opinions.
The tone of the proposal’s author was rather dismissive of the concerns of the lending, collections and repossessions industries and attempted to minimize the potential impact of the bill if passed.
The bill’s author, Assembly Woman Monique Limon, claimed that it would only affect a small percentage of lenders, comparing the number of loans that would affected to the forbearance impact of Federal Home Loans required under the CARES Act which she claimed was only 8.5%.
Another proponent claimed that he was a strong supporter of the credit union movement, but credit union’s like his, that only serve a single industry, the California Highway Patrol, wouldn’t be impacted at all.
The most disturbing sentiment came from another proponent who stated, and I quote; “We bailed the banks out, now it’s their turn to bail us out.”
What was disturbing, was that not one single assembly person spoke out publicly against this bill. Not one person.
The battle is won, but the war is not over! Please continue to contact you state assembly representatives to oppose this. It is still alive until June 19th.
Find Your Assembly Representative Here!
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