Bipartisan Coalition to Introduce Nationwide Cash Advance Bill
A coalition that is bipartisan of intends to introduce a bill that will cap interest levels at 36 per cent yearly, NPR reports.
Rep. Glenn Grothman, R-Wis., Sens. Jeff Merkley (D-Ore), Sherrod Brown (D-Ohio) and Jack Reed (D-R.I.), also Rep. Jes?s “Chuy” Garc?a (D-Ill.) will quickly introduce the Veterans and Consumers Fair Credit Act.
“It’s hard to assume that would wish to just simply take down that loan with an interest price of 150 or 200 per cent per year,” Grothman told NPR.