Area banker assails Hawley credit-card bill as 'misguided'

Adrian Breen, president/CEO of Perryville, Missouri-based The Bank of Missouri and current chairman of Missouri Bankers Association (MBA), said last week that Missouri's senior U.S. Sen. Josh Hawley's credit card bill is "misguided."

Breen, in a statement released on MBA letterhead, said Hawley's bill to cap credit card annual percentage rates at 18% to weaken inflation "opens Pandora's box on government intervention in our lives while having a devastating impact on the consumers (Hawley) claims to be interested in helping. It's no secret inflation has caused prices to skyrocket and presents challenges for consumers. Passing legislation like Hawley's won't fix this and the government won't solve the problem of consumer debt."

MBA said it represents approximately 225 banks and savings and loans in the Show Me State.

Do you want more business news? Check out B Magazine, and the B Magazine email newsletter. Go to www.semissourian.com/newsletters to find out more.