The president should petition that congress establish national usury laws. Excessive interest on loans is not only regressive it is anti-competitive with short term loans sometimes exceeding annual interest of 600% and credit card interest rates as high as 79%.
These interest rates suppress economic activity and impact low and moderate income people most harshly. Whenever regulators have attempted to deal with specific industries (i.e., pay-day loans), other business open with slightly different schemes to circumvent the intent of the law.
Having a consistent federal usury law will eliminate these practices.