Senator Dick Durbin has spent much of his career in a love affair with price controls. He flirted with them in his infamous Durbin Amendment, the addendum to the 2010 Dodd-Frank Act. He renewed his vows with Senators Bernie Sanders and Josh Hawley in pushing a 10 percent ceiling on credit card interest. And now, determined to consummate the relationship, he’s demanding a nationwide 36 percent cap on personal loans with Senators Whitehouse and Blumenthal, regardless of the loan’s length or size.
The Illinois Democrat has staked his legacy on the belief that Americans are too helpless to manage their own finances without Washington watching from the sidelines. It’s the soft bigotry of low expectations.
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