STOP BIG BANKS FROM CHARGING EXCESSIVE INTEREST RATES ON CONSUMER CREDIT CARDS.

The Big Banks, many of whom were bailed out by US taxpayers, continue charging excessive interest rates on credit cards in spite of the fact that interest rates have been and remain at all time lows. These rates are a direct assault on the middle class. It is time for our elected officials to correct this injustice!
1. Consumer Protections should be put in place to establish a national usury law for credit cards at no greater than 21% APR.
2. In addition, the SEC should create a new reporting requirement for all credit card companies entitled "Excessive Interest Income." This category would be calculated as income earned over Prime + 10% and reported in all filings.
3. Congress should tax "Excessive Interest Income" with an additional tax of 20% above and beyond all normal taxes paid.