A pair of leading liberal Democrats proposed legislation on Thursday that would ...
WASHINGTON - A pair of leading liberal Democrats proposed legislation on Thursday that would cap interest rates on credit cards and other consumer loans at 15 percent to help consumers grappling with growing credit card debt.
“There is no reason a person should pay more than 15% interest in the United States,” Ocasio-Cortez tweeted. “It’s a debt trap for working people + it has to end.” The bill would allow the Federal Reserve to temporarily permit higher borrowing rates if needed to help keep institutions afloat, but for no more than 18 months. It also would not prevent states from establishing lower maximum interest rates.
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