Federal Government Proposes New Rules Aimed At Payday Lenders

The federal government is announcing regulations today that would impose new restrictions on payday lending and other high-interest loans.

The Consumer Financial Protection Bureau director Richard Cordray said in a statement that, "too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt."

Here & Now's Robin Young looks at the expected impact of the rules with business journalist Ali Velshi.