Masazumi Gotoda, parliamentary secretary in charge of financial services, said he resigned Wednesday to protest a draft bill to lower the ceiling on consumer loan interest charges because it would allow lenders to continue to charge up to 28 percent for nine years after the bill is passed.
"I cannot accept a loophole in which a high ceiling will be left for a long time," Gotoda said at a news conference after his resignation was accepted by Financial Services Minister Kaoru Yosano.
"I cannot understand why the Financial Services Agency has to compile a draft that makes such a compromise," he said.