The President told listeners at a town hall meeting in New Mexico yesterday that they have a right not to be “ripped off” by credit-card issuers, the day after the Senate rejected a proposal to limit banks to the 15 percent interest rate of credit unions.
“When banks are charging 30 percent interest rates, they are not making credit available,” said Sen. Bernie Sanders, who proposed the cap. “They are engaged in loan-sharking.”
But his colleagues, who have approved billions of bailout money for banks, voted him down with only 33 votes to enforce the limit as Sen. Chris Dodd, who chairs the banking committee, suggested the Federal Reserve “study” the question.
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