QUORUMCALL//GPT:
THE WARREN INTEREST RATE BILL
Senator Elizabeth Warren and Representative Jesús García are reintroducing a bill to cap credit card interest rates at 15%, pushing back against the credit card industry’s average of 20.28% and in some cases, as high as 36%.
THE WHY
• The lawmakers argue that the high interest rates have resulted in a debt trap for many Americans.
• They also claim that these rates have disproportionately burdened communities of color and worsened income and wealth inequality.
THE OPPOSITION
• The bill faces strong opposition from the credit card industry and potentially some Democratic Senators who could view it as too radical.
THE BIG PICTURE
• The proposed legislation is part of a broader push from progressive Democrats to rein in Wall Street and the financial industry’s influence.
TOPICS COVERED
#CreditCardInterestRates #DebtRelief #IncomeInequality #WallStreet
NOTE
Punchbowl News is a digital media outlet launched by a team of Capitol Hill reporters offering a peek into the “inner workings of Congress.”