Mr. Chair, I would like to pick up from where my colleague spoke so passionately. I am glad she referred to the Bible and other examples. However, in quoting what the member for Glengarry—Prescott—Russell said 14 years ago about capping it off at 5%, I will not deny that was said, and if we were to look back, that probably was said. However, fast-forwarding 14 years down the road, I say to my colleague from the NDP, capping off and controlling has not worked, as we have seen.
Members keep referring to 16%. The proposal is 5% over prime. Almost a decade ago when I came to this honourable House I remember that we talked about the horrendous interest rates, and the banks listened, which is why the Financial Consumer Agency of Canada, known as FCAC, was formed.
I want to pass on to my colleague and all members that there are credit cards today, which people can have without the so-called bells and whistles, that are at prime rate and maybe two percentage points over.
What is best, 2%, 3% or 5% over prime, as the hon. member says? In capping we may also be going in a different direction, but I believe that financial institutions and the credit card providers heard us a decade or so ago. They started to adjust over the course of the years and today they are offering credit cards or charge cards with a variety of flexibility in terms of rates, programs and what have you.