Should credit-card interest be capped at 15%?

Democratic presidential primary contender Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez have unveiled a plan to cap credit-card interest rates at 15%: Under the “Loan Shark Prevention Act,” the annual percentage rate applicable to any extension of credit would not be allowed surpass 15% on “unpaid balances, inclusive of all finance charges” or “the maximum rate permitted by the laws of the State in which the consumer resides.” Consumer debt, and credit card debt in particular, is something many Americans struggle with and both the amount of total debt as well as the interest rates have escalated in recent years: The median credit-card interest rate was 21.36% as of last week, compared with 12.62% a decade ago, according to Creditcards.com. Continue Reading...

Alejandro Chafuen in Forbes: The battle for 5G

Referencing Newt Gingrich’s recent report regarding 5G technology, Alejandro Chafuen, Acton’s Managing Director, International, commented this morning in Forbes on the technology and its relation to free markets. Chafuen argues that a new, less centralized approach to wireless networking would be a source of great benefit both for individual consumers and for the United States on the world stage. Continue Reading...

Presidential candidate Kamala Harris: We need to ban right-to-work laws

Speaking at a recent a Service Employees International Union (SEIU) event, Democratic presidential candidate Kamala Harris said there there is a need for “banning right-to-work laws.” It’s unclear how Harris plans to do this from the federal level, as Right to Work laws are state laws that guarantee a person cannot be compelled to join or pay dues to a labor union as a condition of employment. Continue Reading...