Kaine talks payday loans

Outgoing governor Tim Kaine (D) penned an op-ed in the Wall Street Journal today about how states can best balance financial reform with needed loan opportunities.

"For state governments, the core challenge in addressing this issue has been finding a balance between capping the interest rate permitted on payday loans without driving the option out of the market altogether,'' Kaine wrote.

Read the full op-ed here.

In 2008, the state agreed to the nation's most stringent reforms of the payday loan industry. Soon after, Virginia began offering state employees small, high-rate loans over a six-month period as part of a pilot program.

Kaine will talk about his op-ed on FOX Business News at 4:10 p.m. and on Bloomberg at 10:45 a.m. tomorrow.