Last week, Senator Dick Durbin, D-Ill., reintroduced a bill, the “Protecting Consumers From Unreasonable Credit Rates Act of 2019,” that would create a national interest-rate cap of 36% on consumer loans. The legislation would make all open-end and closed-end consumer credit transactions, including mortgages, car loans, and payday loans, subject to a 36% APR limit. The limit would match the current interest rate limit under the Military Loan Act and would not preempt lower state interest rate caps. Supporters of the legislation include the NAACP, AFSCME, and National Consumer Law Center. Previous versions of this legislation appeared in 2008, 2009, 2012, 2013, 2015 and 2017 but the bills never made it to the floor of the Senate or House of Representatives. We believe that this bill will share a similar fate.