If you cap interest rates won't banks stop lending

[Warren Stupidity]

21. So as far as payday loan sharking - Sanders is also proposing doing what a lot of other

countries do - use the postal service as a very low cost public banking service. Payday loan sharking is a bullshit service that should be replaced with a public service.

The credit card companies will continue to issue credit cards, they just won't be able to gouge people with ridiculous interest rates. "Many people" is a completely ambiguous statement. Some people will have more difficulty getting a card, but only because they have truly lousy credit and probably shouldn't have a card. I rather doubt that capping card rates at some level based on current prime rates would have a huge impact on access.

States effectively regulated credit card rates until Marquette National Bank v. First of Omaha Service Corp - http://consumer.findlaw.com/credit-banking-finance/usury-laws.html#sthash.TdebVwlg.dpuf in 1978 and the Reagan era Depository Institutions Deregulation and Monetary Control Act of 1980 - See more at: http://consumer.findlaw.com/credit-banking-finance/usury-laws.html#sthash.TdebVwlg.dpuf put an end to that. There was no great shortage of credit cards prior to that.