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Slaughter takes aim at high credit-card rates

WASHINGTON -- If you're sick of sky-high credit card interest rates, you have a friend in Rep. Louise M. Slaughter.

The Fairport Democrat, whose district extends into Buffalo, Thursday announced that she is sponsoring legislation that would cap credit card interest rates at 16 percent. 

“We must do what we can to help people who are trying to make ends meet in the face of card rates that suddenly jump to 20, 25, 30 percent or higher,” said Slaughter. “It’s time for Congress to put the needs of the middle class ahead of banks and card issuers.”

Sponsored with Rep. John Tierney, D-Mass., Slaughter's "Renewing America's Commitment to Consumers Act" would also cap late fees and insufficient funds fees at $15.

The legislation most likely faces bleak prospects in the Republican-controlled House, but it has won the support of consumer groups such as the National Association of Consumer Advocates.

-- Jerry Zremski

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About Politics Now

Robert J. McCarthy

Robert J. McCarthy

A native of Schenectady, Robert J. McCarthy came to The Buffalo News in 1982 following a six-year stint at the Olean Times Herald. He is a graduate of St. Bonaventure University, and has been covering local, state and national politics since 1992.

rmccarthy@buffnews.com


Tom Precious

Tom Precious

Tom Precious joined The Buffalo News in 1997 as bureau chief at the state Capitol, where he covers everything from statewide politics and state government fiscal affairs to health care, environmental and municipal government matters. Prior to The News, he worked for news outlets in Albany and Washington, DC.

tprecious@buffnews.com


Jill Terreri

Jill Terreri

Jill Terreri is an Amherst native and has covered politics and government in upstate New York since 2003. She joined The Buffalo News in 2012 and covers City Hall.

@jillterreri | jterreri@buffnews.com


Jerry Zremski

Jerry Zremski

Jerry Zremski, The Buffalo News Washington bureau chief, has reported from the nation's capital since 1989 after joining The News as a business reporter in 1984. A graduate of Syracuse University, Zremski is a former Nieman fellow in journalism at Harvard University. In 2007, he served as president of the National Press Club.

@JerryZremski | jzremski@buffnews.com

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