via YAHOO:
Senator Josh Hawley has introduced new legislation that would cap credit card interest rates at 18% in a move he hopes is “fair, common-sense, and gives the working class a chance.”
The “Capping Credit Card Interest Rates Act” — introduced by Hawley on Sept. 12 — comes shortly after U.S. consumer credit card debt surpassed one trillion dollars, the highest level on record.
With the average credit card interest rates hitting a “record level,” according to Hawley’s office, the senator says he has had “enough” of banks raising the financial burden of working people.
In a post on X (formerly Twitter), the Republican representing Missouri accused credit card companies of “grinding work[ing] people into poverty.”
His proposed law would put a stop to that by restricting credit card companies from imposing new fees to evade the cap and imposing penalties on companies that violate it.
“Americans are being crushed under the weight of record credit card debt — and the biggest banks are just getting richer,” Hawley said in a news release. “The government was quick to bail out the banks just this spring, but has ignored working people struggling to get ahead.”