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From : VoiceofAmericans2008
Added: Mar 12, 2009
March 12, 2009 Senator Bernie Sanders (I-VT) CHRIS GAROFOLO, Reformer Staff Sanders is looking for Congress to place the same interest rate cap on the credit card industry as they did on credit union loans almost 30 years ago. Likewise, the senator's measure would give the Federal Reserve Board the flexibility to adjust the rate cap if it determines that the safety and soundness of lenders is jeopardized, comparable to the credit union act. en. Bernard Sanders announced he will propose legislation today to cap interest rates on credit cards and loans that hit consumers and businesses with increased fees. Sanders, I-Vt., said banks have received the largest taxpayer bailout in history and should not have the authority to whack consumers with elevated interest rates, some jumping as high as 30 percent. The legislation would cap credit interest rates at 15 percent and limit banking fees that have steadily increased at a time when some of the largest banking institutes in the country are notifying customers of a spike in their interest rates if a payment is missed. "There's no place I go where people are not really upset about this issue," Sanders told the Reformer. "People have real financial problems right now ... at a time when the middle class is being squeezed, they are forced to pay a lot more in interest," he added. "Every week I hear from Vermonters who are outraged at having to pay 25 or even 30 percent interest on their credit cards -- especially at a time when their tax dollars are bailing out the large banks that issue those credit cards," the senator said in a release from his office. "Frankly, this is nothing less than loan sharking and it has got to end. We need a cap on interest rates in this country and that's what my legislation will do."
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