This short article initially starred in Shelterforce.
When Phyllis Salowe-Kaye discovered that the www funds joy loans latest Jersey State Investment Council (NJSIC) had invested 50 million state retirement bucks with a personal equity company which used a few of the funds to acquire a predatory payday loan provider, she had the roof that is proverbial. The longtime executive manager of the latest Jersey resident Action (NJCA) quickly assembled a strong coalition of customer security and civil liberties advocates and started applying stress on the commission to market its stake within the company. Payday financing is unlawful in nj-new jersey and she considered the application of state dollars to get a payday lender, at ab muscles least, a breach of ethics and conflict of great interest for the payment.
Davis took Salowe-KayeвЂ™s recommendation one action further.
вЂњOne of my goals is to obtain somebody in the investment council which has had that ethical compass to oversee the kinds of opportunities they have been making,вЂќ he said.