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The Nation

September 12, 1986

The House Banking, Finance and Consumer Affairs Committee's consumer subcommittee voted 7 to 5 to reject a ceiling on credit card interest rates. The concept was likened by opponent Rep. Doug Barnard Jr. (D-Ga.) to rent controls that he said dry up available housing. The measure, sponsored by panel chairman Rep. Frank Annunzio (D-Ill.), would cap credit card interest rates at eight percentage points above the yield on one-year Treasury securities. If the ceiling were in effect now, the top rate would be 14.65%. Annunzio said that he would offer the bill as an amendment to a banking bill.

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