Shouldn't legislation be passed prohibiting banks from charging racketeering rates for consumer loans?

Vermont Senator Bernie Sanders has introduced legislation that would impose a 15% cap on rates for all consumer loans, including plastic. Banks, including those getting bail out money, are gouging consumers by raising their credit card rates in hopes of raising cash to cover the industry's bad bets in the... show more Vermont Senator Bernie Sanders has introduced legislation that would impose a 15% cap on rates for all consumer loans, including plastic.

Banks, including those getting bail out money, are gouging consumers by raising their credit card rates in hopes of raising cash to cover the industry's bad bets in the housing market.

For example, Citigroup Inc. has told cardholders their rates could soar to almost 30% if a single payment is missed.
Capital One Financial Corp. is raising many cardholders' rates to nearly 18% -- even for people who pay their bills on time and haven't missed any payments.
Bank of America Corp., Wells Fargo & Co. and American Express Co. also announced large rate increases.
This is a despicable policy punishing customers including those on fixed incomes and responsible families who have been laid off and cannot afford to pay the total monthly balance.

I am emailing my Congressional Representatives and asking for their support of his bill. Will you please do the same?

Source:
http://www.latimes.com/business/la-fi-lazarus15-2009mar15,0,6385681.column
Update: I still remember when 10% was the legal maximum rate banks could charge.
Update 2: I think those espousing a total free market economy are living in a dream world. A free market economy only works in a fair and ethical environment. That environment does not exist in our world. Sad, but true.
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