National Interest Rates

The chairmen of the Senate Armed Services and Banking Committees, together with many Democratic colleagues, have introduced legislation to extend the interest-rate ceilings in the Military Lending Act (MLA) to all consumers. If enacted, a 36 percent annual percentage rate (APR) would govern virtually all consumer loans, overriding higher state rates and blocking payday lending and other high-cost loans often linked to borrower distress.

PREEMPT38.pdf