The US government and the Federal Reserve are spending billions of dollars to jump-start credit markets and restore access to liquidity for businesses and households.

Yet at the same time, Congress is considering four different bills that would restrict access to liquidity for many households by capping interest rates on short-term consumer loans at a 36 per cent annual rate or there­abouts. The main targets are payday lenders, which tend to charge $15 per $100 for two-week loans, producing ­triple-digit annual percentage rates. Many states have capped what payday lenders can charge and lenders have responded by shuttering their doors.