Madam Speaker, former Liberal MP, Don Boudria, said that the government seeing fit not to act on a cap was consistent. It has consistently defended the interests of big business. He said that there needed to be an interest rate cap. He was commenting on a study that was done by the standing committee on credit card cost.
When was that study was done? In March 1990 and it recommended that the financial institution not be allowed to go higher than eight percentage points above the bank rate, but no action was taken between 1993 and 2006.
Could the member opposite tell us why the Liberals, when in power, did absolutely nothing to cap credit card interest rates?