“Our bill will help inject competition back into the generic drug marketplace—taking pricing power away from big pharmaceutical companies and returning it to consumers,” said Gov. Gavin Newsom.
The Associated Press declared a win for Initiated Measure 21 around 10:00 p.m. Tuesday, with around 75 percent of voters approving the measure. It caps interest rates on payday and car title loans at 36 percent. Under current laws, there is no limit on how much interest lenders can charge on these loans.