Rep. Chuy Garcia introduces bill to extend interest rate cap for service members to everyone

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.

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"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.