Congress should reject legislation to create an all-in annual percentage rate (APR) cap for credit cards, America’s Credit Unions wrote to Senate Leaders in opposition to the 10 Percent Credit Card Interest Rate Cap Act (S. 381). Sens. Josh Hawley, R-Mo., and Bernie Sanders, D-Vt., introduced the bill this week.

Financial services organizations also united against the bill in a joint letter to sponsors, noting S. 381 would severely restrict the availability of this type of credit for everyday consumers and effectively harm the very people the proposed legislation seeks to protect.

“Unfortunately, the 10% rate cap proposed in this legislation would stifle our shared financial inclusion goals, reduce access to credit, and push consumers to far more costly and less regulated lenders,” wrote the group.

Read America’s Credit Unions letter here, and the joint letter here.