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
