The Missouri Republican's interest ceiling is a leftist price control by another name.
A bill attracting attention in the Senate would cap credit card interest rates at 18%. It's not sponsored by Sens. Sherrod Brown or Elizabeth Warren , stalwarts of the progressive Left.
But Hawley's proposal actually would cut off the very consumers he intends to protect from lines of stable credit. That's because price controls inevitably lead to shortages. So, should Hawley's proposal get enacted into law, there is likely to be less availability of credit, along with lower credit limits. All of which would affect most directly the"working class" people Hawley said he's advocating for.
Nor is it the first time Hawley, a graduate of Stanford and Yale Law School who clerked for Supreme Court Justice John Roberts, has pushed populist measures about which he should know better. The obvious point is they resonate with Americans less informed about economics because they look helpful in tough times.
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