Kerri Smith's LinkedIn profile, left, and George Soros al Festival dell'Economia di Trento | LinkedIn / Niccolò Caranti - Wikimedia-Creative Commons
Kerri Smith's LinkedIn profile, left, and George Soros al Festival dell'Economia di Trento | LinkedIn / Niccolò Caranti - Wikimedia-Creative Commons
A group opposing small dollar loans for South Carolina consumers has received more than $2 million from left wing political activist George Soros.
That’s according to a review of U.S. Internal Revenue Service non-profit 990 filings and the Soros foundation's grantee reports by the Greenville Leader.
The filings show a sum of more than $3 million in actual payments and future approved payments from 2018 to 2022 by Soros’ "Foundation to Promote an Open Society" to the "Center for Responsible Lending," the Durham-based advocacy arm of the Self-Help Credit Union, whose South Carolina President is Kerri Smith.
Smith is also running in the June 11 State Legislative Republican Primary against incumbent State Rep. Ashley Trantham (R-Greenville).
While the IRS forms show $2.385 million in grants paid out from the Soros foundation to the Center for Responsible Lending, the foundation's website lists a total of $3.27 million in grants approved and announced since 2018.
Self-Help Credit Union created the Center for Responsible Lending in 2002 along with Golden West Financial owners Herbert and Marion Sandler, prolific mortgage lenders who Time magazine ranked in its list of "25 people to blame for the (2008) financial crisis."
Who is George Soros?
Soros is a "Democratic mega-donor," reported Politico, who "directed his wealth into an under-the-radar 2016 campaign to advance one of the progressive movement’s core goals — reshaping the American justice system." To that end, Soros spent "more than $17 million on local district attorney races across the country "in support of left-wing candidates," reported the NY Post.
His two primary organizations are the Open Society Foundations and the Foundation to Promote Open Society, which are "two multi-billion-dollar left-of-center advocacy grantmaking foundations" which have "funded the vast majority of the most prominent left-progressive advocacy groups in the United States," reported InfluenceWatch.
Last September, Soros contributed $250,000 to the Biden Victory Fund, and Fox News reported last week that “Soros has contributed over $3 million to at least five left-wing groups” in Texas to “beef up infrastructure and help Democrats make gains” in Texas.
Current Lobbying in South Carolina
Self-Help Credit Union and the Soros-backed "Center for Responsible Lending," both created by North Carolinian Martin Eakes, are currently lobbying the S.C. State Senate in support of S.910, a bill that would limit companies from making smaller-dollar loans to consumers in the state.
Smith is leading the effort to pass S.910, testifying on behalf of the bill and promoting her lobbying efforts on her campaign Facebook page.
The SC Policy Council said the bill would "hinder competition in the lending sector by singling out short-term lenders while exemptions big banks and credit unions," reported Palmetto State News.
S.910 was introduced on January 9 and is sponsored by State Sen. Tom Davis (R-Beaufort), as well as Senate Minority Leader Brad Hutto (D-Orangeburg), and Sen Deputy Minority Leader Ronnie Sabb (D-Greeleyville).
The SC State Senate Committee on Labor, Commerce, and Industry will hold a hearing on the bill tomorrow, February 7, 2023 at 9 a.m. in Room 307 of the Gressette Building.
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