Lawmakers have introduced a bill in the U.S. Senate, The Empowering States' Rights to Protect Consumers Act, that would restrict how much interest credit card companies and lenders could charge consumers.
"It's time to stop Wall Street banks and their credit card subsidiaries from taking advantage of struggling families … across the nation," said Rhode Island Senator Sheldon Whitehouse, the chief sponsor of the bill. "This legislation would restore historic, long-standing states' rights to protect consumers from improperly high interest rates."
Alaska Senator Mark Begich, one of six other senators who have signed on in support of the bill, said the legislation would level the playing field for consumers and prevent credit card companies from charging unfair interest rates.
Should the bill pass through Congress and be signed into law, it could lead to lower interest rates on credit accounts. However, it won't be able to prevent unfair or inaccurate information that can mar consumers' credit scores. Individuals should review their financial histories to make sure their scores are based on properly reported information.