EPC Statement – Government Credit Card Mandates Hurt Most Vulnerable Populations
WASHINGTON, DC – Electronic Payment Coalition Executive Chairman Richard Hunt issued the following statement on legislation from Senators Bernie Sanders (I-VT) and Josh Hawley (R-MO) imposing artificial government price controls on credit card interest rates:
“Groundhog Day might be over but it looks like politicians are happily reliving their same failed policies. When will they learn every time the government gets involved in the practices of private businesses, consumers end up paying the price. The CFPB imposed new mandates on regulated short-term bank lending and Americans were forced to turn to payday lenders or pawn shops.
“Arbitrary government mandates on Americans’ credit does nothing except hurt the most vulnerable among us. Artificial price controls force businesses to make decisions based on what politicians think is good for the campaign trail – not what makes economic sense for consumers or our economy.
“If Senators Sanders and Hawley truly believe the government knows best, perhaps they should also propose price caps on Vermont’s Ben & Jerry’s and St. Louis style ribs.”