Senator Warns Against Helping Poor, Citing 'Unintended Consequences'
The Hill published Senate Banking Committee ranking member Tim Johnson's warning that capping credit card interest at 10% could have "unintended consequences." This, of course, from the same political class that sees no "unintended consequences" in allowing predatory lending practices to balloon consumer debt. Johnson's concern is shared by former President Trump's administration, fearing a limit
would reduce credit availability for those already struggling. Perhaps the 'unintended consequence' they truly fear is a decrease in the obscene profits enjoyed by banks, many of whom are major campaign donors. We're consistently told protecting corporate bottom lines is more critical than protecting families from financial ruin. Funny how limiting interest rates on credit cards for the poor is
'socialism,' but bank bailouts are 'economic stability.' One might wonder if their wallets are just feeling consequences the rest of us understand as consequences of poverty.