To combat loan sharking, which act was passed by U.S. Congress?

The Extortionate Credit Transactions Act was specifically designed to address the issue of loan sharking, which involves lending money at excessively high-interest rates and often using violence or threats to enforce repayment. This Act criminalizes the practices associated with loan sharking and provides legal measures to combat these predatory lending practices.

By explicitly targeting extortionate lending practices, the Act provides law enforcement with the tools to investigate and prosecute those who engage in loan sharking, thereby offering a legal framework aimed at protecting consumers from such harmful financial practices. The clarity and purpose of this legislation make it a critical component in the government's efforts to combat these illegal activities.