Bernie Sanders’s credit card cap: Bad economics, worse results

Kansas Bankers Association joins campaign against capping credit card rates

The Kansas Bankers Association is joining a nearly $1 million ad campaign against a credit card bill sponsored by Democrat Senator Dick Durbin and Kansas’ own Republican Senator Roger Marshall. The Durbin-Marshall “Credit Card Competition Act” aims to lower card swipe fees for merchants by requiring the largest U.S. banks — those with over $100 billion in assets — to enable at least two network options on their credit cards, including at least o…

Bernie Sanders’s credit card cap: Bad economics, worse results

Sen. Bernie Sanders (I-VT) calls credit card lending “extortion and loan sharking,” comparing lenders to the usurers Dante placed in Hell. His proposed solution, starting with a five-year 10% interest rate cap, might sound appealing. But it would devastate the very families he claims to protect. First, let’s address his claim that credit card lending amounts to extortion and loan sharking. Extortion involves coercion and threats. Loan sharking i…