National Usury Cap defeated. Grassley, the Lonely Republican to Vote Favorably | Credit Lifesaver

May - 2009

National Usury Cap defeated. Grassley, the Lonely Republican to Vote Favorably

Thursday mid-afternoon , May 14, 2009.

Multiple readers wrote to the New York Times in the wake of Wednesday afternoon’s vote asking for the identity of the 60 senators who opposed the 15 percent cap proposed by Senator Bernie Sanders, independent of Vermont.

All of the supporters were Democrats except for Senator Charles E. Grassley, Republican of Iowa.

From the NYT article,

Mr. Sanders said the card companies and banks were engaged in conduct that could get others hauled into court. He said one-third of all credit card holders are paying interest above 20 percent and as high as 41 percent.

“When banks are charging 30 percent interest rates, they are not making credit available,” said Mr. Sanders, who noted credit unions are limited to 15 percent. “They are engaged in loan-sharking.”

And the roll call on this shameless vote is found in this NYT list

To sum up, Congress is not ready to place usury caps into law —bank lobbying still controls our lawmakers.

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