From today's Associated Press:
The Republican-controlled Senate refused to limit consumer interest rates at 30 percent yesterday as it moved methodically toward passage of legislation making it harder to shed personal debts in bankruptcy.This isn't a tough issue. Taking a stand against predatory bankers and modern-day loan sharks who fleece billions of dollars from hard-on-their-luck consumers should be a no-brainer, unless you're completely in the pocket of corporate America. Which I guess is the problem.
The vote was a bipartisan 74-24 to scuttle an akmendment by Sen. Mark Dayton, D-Minn., who said consumers must pay interest rates as high as 1,059 percent when they borrow money.