Sen. Taps Occupy Protests For Interest Rate Bill

Law360, New York (November 9, 2011, 4:19 PM EST) -- A day after touring his state's Occupy Wall Street protests, Rhode Island's junior U.S. senator on Tuesday introduced legislation designed to capitalize on the movement and shield consumers from interest rates he calls extreme.

Sen. Sheldon Whitehouse, D-R.I., said the bill would close a loophole in the Truth in Lending Act, making it clear that all consumer lenders, regardless of their legal structure or location, must comply with interest rate limits set by the states in which their customers reside.

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