First in Punchbowl News. Dozens of consumer advocacy and progressive organizations urged the leadership of the House Financial Services Committee and Senate Banking Committee to take up legislation to cap credit card rates at 10% for one year.
The groups told Chairs French Hill (R-Ark.) and Tim Scott (R-S.C.) and Ranking Members Maxine Waters (D-Calif.) and Elizabeth Warren (D-Mass.) that now was the time to “advance these bipartisan bills immediately and make this policy a reality.”
The letter, led by Protect Borrowers and the Consumer Federation of America, was also signed by the American Economic Liberties Project, Americans for Financial Reform, Faith in Action Network, NAACP and Young Invincibles.
