May 23, 2012
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Pentagon Urged To Do More To Protect Troops From Financial Predators

(May 19, 2006)--Troops are targeted by enemies on the battlefield and predatory lenders elsewhere, according to a congressional auditor and a lawmaker, who are pushing the Defense Department to offer more financial help to service members.

Lawmakers worry about financial companies that hit members of the military with high-pressure sales tactics and exorbitant fees.

Congresswoman Maxine Waters is a member of the House Financial Services Committee's investigative panel.

Waters says she hasn't "seen anything that's been done to protect" the troops.

She pointed to the growth of payday lenders near military bases.

Official estimate up to one-in-nine service members borrow money from the lenders at high rates against paychecks.

On Capitol Hill Thursday, a Government Accountability Office expert testified the Pentagon has taken some steps to help troops, but isn't able to "assess the effectiveness of its programs."

Click Here For Defense Department Web Site

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