Senate Majority Whip Dick Durbin (D-Ill.) and several other Democratic colleagues have proposed a bill to set an interest rate and fee limit of 36 percent for all open- and closed-end consumer credit transactions. The law would cover mortgages, auto loans, credit cards, overdraft loans, car title loans, refund anticipation loans, and payday loans. "As we climb out of the worst recession in a generation, many working families continue to struggle," Durbin noted. "For some, payday lenders offer a quick way to make ends meet, but often with devastating consequences." A 36 percent cap is already in place for enlisted persons and their dependents, and a number of states have adopted limitations as well. But Durbin's proposal measure aims to put all consumer transactions along a single track in an effort to address interest rates that can exceed 300 percent. The federal law would not preempt tougher state-level rules, however.