Amendment Caps Credit Card Interest At 18 Percent

At a press conference held today at the Cannon office building terrace Congressman Maurice Hinchey (D-NY), John Tierney (D – MA) and Peter Welch (D-VT) unveiled their new amendment credit card holders Bill of rights. The Amendment refers to a protection of credit card holders against increasing interest rates.

Hinchey explained that the amendment would cap interest rates on all credit cards at 18 percent. The amendment will be introduced in the House this week, and may be debated and voted on by Thursday.

Tierney emphasized the importance of the need to protect American taxpayers from high fees and interest rates. “This usury rate is needed now more than ever, as credit card companies continue to force Americans to dip into their savings while they buy their own excessive profits,” he said.

“Congress cannot sit on the sidelines while the credit card industry raises interest rates to levels that would embarrass the mafia. The very same companies that are taking taxpayers assistance through TARP are putting the screws to customers at a time when many are having a hard time making ends meet,” said Welch. He also stated that the time has come to return to a world of responsible lending and returning. By passing this amendment fairness will be brought back into the system through reasonable regulation.