Washington, D.C. — Following an announcement from Consumer Financial Protection Bureau Director Rohit Chopra that the CFPB has opened a docket to receive public input on credit card interest rates, terms, and conditions, the American Economic Liberties Project released the following statement.

“By taking the initial steps to rein in sky-high credit card interest rates, the CFPB is advancing a bipartisan policy agenda championed by both President Trump and Senator Sanders—a clear reminder that protecting consumers from predatory financial practices isn’t a partisan issue,” said Morgan Harper, Director of Policy and Advocacy at the American Economic Liberties Project. “The only groups opposing this effort are Big Banks and credit card companies, which would rather see the agency sit idly by as they rake in excess profits from consumers through fees and interest rates that often surpass 30%. We’re thrilled to see Director Chopra and the CFPB remain steadfast in their mission to defend American families from exploitative practices.”

Learn more about the CFPB’s accomplishments under Director Chopra here.  

Learn more about Economic Liberties here.

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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.