Credit cards, the banks and you

Progress Illinois talks about the Restoring America’s Commitment to Consumers Act.

Democratic Reps. Louise Slaughter (NY), John Tierney (MA.) and Michael Capuano (MA) plan to introduce the Restoring America’s Commitment to Consumers Act, which would cap annual interest rates on credit cards at 16 percent.  The bill would also limit certain annual fees and cap late payments at $15. And like the Consumer Financial Protection Act, it would raise federal benchmarks that could in turn be strengthened by states.

Read the whole thing here.

Photo courtesy of Flickr/Consumerist