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.
Slaughter's legislation would allow some leeway for temporary increases in the cap, according to the press release. It would also limit "exorbitant and unnecessary fees." She is working on the bill with Reps. John Tierney, D-Mass., and Michael Capuano, D-Mass.