Limit the maximum interest rate that credit card companies can charge consumers by repealing DIDA and the the National Bank Act, and, subject the credit card companies to the local "usury" laws of the state that their customers live in.
Why is this important?
Most states have "usury" laws that limit the maximum interest rates that consumers can be charged for consumer transactions. However, due to a law originally passed in 1863, credit card companies can get around this law by simply incorporating in states such as Delaware- which have no limits on the interest rates that can be charged- and "exporting" whatever interest rate they wish to charge to anywhere in the country. This law should now be reprealed and local "usury" laws should set the maximum amount that consumers can be charged by the credit card companies.
