Bipartisan Coalition to Introduce Nationwide Cash Advance Bill
A bipartisan coalition of lawmakers intends to introduce a bill that will cap interest levels at 36 % yearly, NPR reports.
Rep. Glenn Grothman, R-Wis., Sens. Jeff Merkley (D-Ore), Sherrod Brown (D-Ohio) and Jack Reed (D-R.I.), along with Rep. Jesъs “Chuy” Garcнa (D-Ill.) will quickly introduce the Veterans and Consumers Fair Credit Act.
“It’s hard to assume who does wish to just simply take a loan out with an intention price of 150 or 200 per cent per year,” Grothman told NPR. “There is no chance this is certainly in anybody’s desires after all, and using those who are in a choice of hopeless straits or maybe more most likely simply ordinary financially illiterate is immoral.”