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Industry groups made a similar argument last year following proposed legislation from Sen. Bernie Sanders, I-Vt.,and Sen. Josh Hawley, R-Mo.
The Sanders-Hawley bill, officially called the “Credit Card Competition Act,” would cap the interest rates at 10%, with that limit remaining in effect for five years.
“When large financial institutions charge over 25% interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking,” Sanders said in a news release.
Hawley added: “Capping credit card interest rates at 10%, just like President Trump campaigned on, is a simple way to provide meaningful relief to working peopel.”
During the 2016 and 2020 presidential campaigns,Trump had floated the idea of a “temporary” interest rate cap. He reiterated this idea in late 2023.
Trump’s renewed proposal followed new Federal Reserve data released in December 2023 showing that total consumer credit outstanding was up at a seasonally adjusted annual rate of 1.1% in November, down from 2.2% in October, bringing outstanding balances to $5.1 trillion.
“The deceleration reflects a meaningful shift in how credit is being used rather than a collapse in demand,” PYMNTS wrote.
The Fed data coincided with the release of new findings on job security and affordability from the Federal Reserve Bank of New York and the latest employment situation report from the <
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