Senator Budd: Credit Caps 'Bad Idea' for Consumers, Great for Donors
Bloomberg reports Senator Ted Budd (R-NC) argues that capping credit card interest rates, as proposed by the Biden administration, is a 'bad idea' that would 'hurt consumers.' He suggests some might lose access to credit, conveniently overlooking the consumers currently drowning in usurious rates. This concern for access isn't extended to, say, affordable healthcare, which he also opposes
'propping up.' Senator Budd received $152,000 from the Finance/Credit industry in 2022 and $114,000 in 2020. (Source: OpenSecrets.org) Perhaps the 'consumers' he's most worried about 'hurting' are the ones cutting the checks from the financial sector. When credit card companies are pulling in record profits from sky-high interest, protecting that revenue stream suddenly becomes a matter of
national economic security. It seems the invisible hand of the market works wonders for those at the top, while the rest are left holding the bag—and the endless balance.