Yet Another Bill to Cap Credit Card Rates is Doomed
The latest attempt by Democratic lawmakers to cap credit card interest rates in light of self-advantageous actions by card issuers is scheduled for Jan. 27, but this attempt is likely headed for the same fate as others have in recent months – defeat.
Rep. Louise Slaughter, D-New York, who is chair of the House Rules Committee, and Rep. John F. Tierney, D-Massachusetts, are co-sponsoring the so-called Renewing America’s Commitment to Consumers Act. The bill seeks an interest rate cap of 16 percent for credit card accounts, and a limit of $15 on penalty fees.
Last year, the Senate rejected a similar bill that would have capped credit card interest rates at 15 percent.
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