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Wed May 15, 2019, 04:38 AM

The vast majority of Republicans support the Loan Shark Prevention Act.

The vast majority of both Republican and Democratic primary voters support Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders' plan to cap credit-card interest rates.


Nearly 70% of Republican primary voters and 73% of Democratic primary voters said they either support or strongly support the proposal to cap rates at 15%, according to a new INSIDER poll. Just over 60% of respondents who don't plan to vote in the 2020 presidential primaries also said they support the bill, known as the Loan Shark Prevention Act.

Just 13% of GOP primary voters were opposed to the idea, while 7% of Democratic primary voters were opposed.

Under the proposed law, the annual percentage rate applicable to any extension of credit would be capped at 15% on "unpaid balances, inclusive of all finance charges" or "the maximum rate permitted by the laws of the State in which the consumer resides."

In short, the bill would impose the cap on credit-card interest rates at the federal level and allow states to establish even lower interest rates. The bill would also give the Federal Reserve flexibility to allow lenders to charge higher rates if it's determined the federal cap "would threaten the safety and soundness of financial institutions."

The median credit-card interest rate was 21.36% as of last week, compared with 12.62% a decade ago, according to Creditcards.com. Meanwhile, Americans collectively hold more than $1 trillion in credit-card debt, according to the Federal Reserve.


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Reply The vast majority of Republicans support the Loan Shark Prevention Act. (Original post)
Donkees May 2019 OP
Tiggeroshii May 2019 #1

Response to Donkees (Original post)

Wed May 15, 2019, 05:43 AM

1. Kr


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