Statement of Administration Policy: H.R. 515 - Full Credit Card Disclosure Act

(House)
(Schumer (D) New York and 97 others)

The administration has no objection to enactment of H.R. 515 but would oppose any amendment to impose a nationwide credit card interest rate cap. A vigorous and competitive financial environment, with a minimum of government interference, will provide maximum benefits for American consumers. Consumer education — of the kind embodied in H.R. 515 — will enable those using credit cards to search for the lowest interest rates available. A government-imposed interest rate cap would, however, heedlessly intrude on the private market, lead to a cutoff of credit for marginal customers, and increase costs for all consumers.