Rep. Chuy Garcia introduces bill to extend interest rate cap for service members to everyone
Hearing on interest rate cap
Congressman "Chuy" Garcia spoke about how the service members' maximum interest rate should be extended to everyone at a hearing in Washington, D.C. Thursday.
WASHINGTON D.C. - An Illinois congressman took center stage Thursday at a hearing in Washington, D.C. about interest rates and loans.
Rep. Jesus "Chuy" Garcia (D-Ill.) spoke about how the service members' maximum interest rate should be extended to everyone.
That would cap rates at 36-percent on consumer loans.
The congressman says this will help protect Americans from predatory lending practices.
"Families take out loans with double or triple-digit interest rates to pay for the necessities of life and they quickly find themselves in a cycle of debt they can't repay," Garcia said.
Garcia plans to reintroduce a bill to extend the cap soon.