Congressman Maurice Hinchey has announced that he has introduced legislation that would cap interest rates on credit cards and all other loans at 15 percent.
Hinchey’s legislation would impose a 15 percent interest rate cap on all consumer lending from financial institutions, such as banks and credit card companies.
These would be the same rules that currently apply to credit unions.
Hinchey introduced a similar measure in March of 2009 that was not acted on.
