The Nation - News from Aug. 7, 1987

Legislation to require the credit-card industry to give full and timely interest-rate information to consumers was approved by the House Banking, Finance and Urban Affairs Committee. The committee rejected a proposal by Rep. Frank Annunzio (D-Ill.) to put a cap on credit-card rates at five percentage points above the prime interest rate. At current rates, that would have put the ceiling at 13.8%. Annunzio said he would offer his amendment again when the bill is taken up by the full House.