WASHINGTON — Rep. Louise Slaughter, chairman of the House Rules Committee, said last week she will introduce legislation that will cap credit card interest rates at 16%.
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The New York Democrat, who controls the terms of floor debate for all House legislation, said the "average person" was better off when usury caps were in place, and went on to call it "criminal" that credit card issuers have "exploited" cardholders by increasing rates as high as 30%.
Slaughter said her legislation would also seek to cap "exorbitant and unnecessary" card fees.
