Government Price Controls on Credit Cards

“American consumers benefit from a highly competitive and vibrant credit card market, and the government price controls in the bill introduced by Senators Sanders and Hawley would only serve to limit their choices. As history makes clear, this proposal would result in the loss of credit access for the very consumers who need it the most, forcing them to use less-regulated, more risky alternatives including payday lenders and loan sharks. Congress has rejected these kinds of government price controls in the past, and we urge lawmakers to reject this misguided proposal.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

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ABA: Congress Should Reject Government Price Controls on Credit Cards

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