House Rules Committee Chairman Louise M. Slaughter said she plans to introduce legislation soon to cap credit card interest rates at 16%.

"Things were a lot better for the average person in this country when we had usury caps," the New York Democrat said Wednesday in a press release touting the legislation. Slaughter called it "criminal" that credit card companies "have exploited people by increasing rates up to 30% and more" and said her bill would stop that.

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