Brian Jacobson of The Reformed Libertarian explains:
. . . the Faith for Just Lending Coalition claims these Payday loan companies are preying on the poor by charging unjust interest rates and fees. Of course this begs the questions [sic], what is the just interest rate for a loan? We must look to the basics, what is the interest rate and why do people get loans? The interest rate may be rightly described as the price of money. In the case of a loan it is the cost of money now versus money in the future. People seek loans when their rate of time preference favors a certain amount of money now as opposed to the future. The loan takes place then when a second person has saved or acquired a certain amount of money and prefers to give up that money for the sake of more money later. It is essentially that of supply and demand for money, just like any other good.Moreover, the policies that Moore and his buddies are advocating will only end up hurting those they are supposed to help (read the rest of Jacobson's article here for an explanation). This should come as no surprise to anyone who has studied the effects of government intervention in the free market. It is an empirically verifiable fact that government regulation tends to exacerbate the problems it is supposed to solve. Statists (like Moore) simply refuse to accept this.
I highly doubt that Moore's progressive, big-government, pro-regulatory state approach would sit well with most of the Southern Baptists whose interests he supposedly represents. Unfortunately, there is very little accountability at the top levels of the SBC. The average SBC church member has little or no idea where the money he gives each week actually goes. Most have never even heard of Russell Moore. They don't even realize that the ERLC exists.
Personally, I think it's time we defund the ERLC. Russell Moore is a great preacher, but he is a terrible public policy advocate. He needs to stop pushing his progressive agenda on the rest of the convention and go back to the pulpit where he belongs.