Transit plan shelved in Illinois House defeat
Illinois House defeated Gov. Thompson’s transportation rescue package after the first of seven bills fell 21 votes short. The plan sought a 5 percent oil tax to fund Chicago area transit, abolish the RTA, and create a Transportation Finance Authority with a $200 million loan to avert a shutdown. Democrats and Republicans sparred over amendments and strategy as sessions set aside until April 21.
MENTIONED IN THIS ARTICLE
Springfield
James R. Thompson
Illinois House
Thompson
House
George Ryan
Kankakee
Richard T. Mulcahey
D-Durand
Ryan
Michael Madigan
Chicago
Jane Byrne
Madigan
GOP
RTA
Cook County
TFA
Chicago Transit Authority
Illinois House committee backs ending state interest caps
Illinois lawmakers move to lift mandatory ceilings on consumer loan rates across banks credit unions auto finance firms and retailers with revolving accounts. The 13 2 vote in the House Financial Institutions Committee endorses a measure to remove usury limits allowing higher rates tied to inflation and negotiated terms. Opposition led by Rep Aaron Jaffe calls it horrendous and warns of steep borrowing costs while supporters argue lenders need relief to offset rising costs. The bill would permit stores to charge up to 18 percent annual interest on revolving accounts and allow rate changes with 30 days notice. it also would let banks savings and loan associations and credit unions set their own rates.
MENTIONED IN THIS ARTICLE
Springfield
Illinois
House
House Financial Institutions Committee
Senate
Aaron Jaffe
D-Skokie
Jaffe
Rial
Savings and Loan
Edward McBroom
Kankakee
William Redmond
D-Bensenville
Also Mentioned on This Page
Philip J. Rock
Oak Park
Rock
Downstate
Jim McPike
Dalton
Committeek
Robert Bruce
Meis
Peggy Hampton
Tamaroa
Jack Davis
Murphysboro
Perma-Seal Inc
Walnut- Murphysboro, NL
United States Steel
Terre Haute
Danville
Mattoon
Marion
Carbondale