JUNEAU, AK –Today, Independent Women, the leading women’s organization dedicated to advancing policies that enhance opportunity and well-being, applauds Alaska Governor Mike Dunleavy for vetoing SB 39 as a win for financial security and economic mobility in Alaska.
Independent Women has been a leading voice in opposition to SB 39, mobilizing its grassroots advocacy arm, Independent Women’s Network, to drive letters from concerned Alaskan citizens, urging the governor to veto this bill. Independent Women also recently sent formal letters to Governor Mike Dunleavy and Alaska Representatives and Senators to voice opposition to the passage of SB 39, which if signed into law, would have restricted access to fintech lending options for Alaskans when they need it most.
Many households in Alaska today are already facing an affordability crisis following four years of high interest rates and inflation under the previous administration. These struggling households primarily include young, female, and racial minorities, who don’t have adequate savings to meet unforeseen needs. With limited financial resources, Alaskans have to depend on other forms of credit, including short-term loans from fintech lenders, for their expenses.
In the letter sent to Alaska legislators, Independent Women cited research highlighting that when states impose limits on access to credit through legislation such as SB 39, consumers turn to costly alternatives that leave them more financially insecure. Thankfully, Governor Dunleavy responded and vetoed SB 39, and Alaskan households will now continue to have access to financial products that will enable economic mobility.
Patrice Onwuka, director of Independent Women’s Center for Economic Opportunity, said:
“Thank you, Governor Dunleavy, for heading off the harms of this bill. Americans should have access to as many different forms of credit as possible. For those whose credit is subprime or are unbanked and underbanked, fintech lending and other forms of short-term lending offer a lifeline to help them meet unexpected needs. From female small business owners to working parents, many people turn to these credit options. This bill would have dried up those options. Thankfully, Alaska will avoid the folly that other states that implemented similar ill-advised laws imposed on their citizens, especially the most vulnerable communities.”
Independent Women remains committed to improving Americans’ lives by developing and advancing policies that enhance people’s opportunity and well-being, particularly on issues that women, as well as younger and minority Americans, are impacted by and care deeply about.
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