So reports the Burlington Free Press:

Sen. Bernie Sanders, I-Vt., plans to introduce legislation this week to cap interest rates on credit cards at 15 percent.

"This is big legislation," Sanders said. Sen. Dick Durbin, D-Ill., the Senate's assistant majority leader, has agreed to sponsor the measure.

Considering that he is also the sponsor of a bill to limit payday loan interest rates, Durbin is clearly emerging as the Senate's anti-usury leader -- an important cause in these increasingly desperate economic times.

The Free Press has some more on Sanders' proposal:

The legislation, which is still being drafted, would also impose a cap on fees so lenders can't evade the 15 percent interest rate cap.

The cap of 15 percent was selected because its the same cap that Congress imposed on credit union loans when it amended the Federal Credit Union Act nearly three decades ago. Credit unions are now capped at 18 percent, Sanders said.