Interest rates on credit cards could not exceed 18% under the provisions of an amendment to be introduced by four lawmakers on Thursday.

The measure, which would be attached to larger credit card bill that the House is scheduled to consider, would cap interest rates at 18% on credit cards issued by for-profit institutions. The interest rate on credit cards issued by credit unions is already capped at 15% under federal law, though the NCUA has temporarily raised that cap to 18%.

"In the midst of such great economic peril, more and more Americans are being forced to use credit cards to pay for groceries, health care, gas, and other necessities. Credit card companies are exploiting the dire economic situation by increasing rates to exorbitant levels, which further compounds the financial woes of many Americans and drives them deeper into debt where they become even more beholden to the credit card companies and their abusive practices," said Rep. Maurice Hinchey (D-N.Y.) one of the sponsors.