President Obama Visits Birmingham
By KIM CHANDLER
BIRMINGHAM, Ala. (AP) -- President Barack Obama used a visit to Alabama to promote policies that he said would protect working families, including new proposed regulations for payday lenders.
Obama said Thursday that one way to make Americans' paychecks go farther is "to make sure working families don't get ripped off." The president spoke on the campus of Lawson Community College. He told the crowd of more than a 1,000 people that Alabama has four times as many payday lenders as McDonald's restaurants.
The president's remarks came as the Consumer Financial Protection Bureau announced proposed rules for the lenders. The regulations include a "cooling off" period between loans.
Obama also used his speech to criticize Republicans' proposed federal budget.
The crowd, largely made up of Lawson students and faculty, gave Obama a thundering ovation.
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