US Senators Bernie Sanders and Josh Hawley have introduced a new bill to cap credit card interest rates at 10%, a proposal President Donald Trump made during his 2024 presidential campaign. The temporary cap, which would remain in effect for five years, aims to provide relief to working families struggling with record-high debt.
Sanders accused financial institutions charging more than 25% interest of “extortion” and “loan sharking,” while Hawley described the practice as “exploitative.” They argue that capping credit card rates at 10% is a simple way to help working people. The bill would bring in line with Trump’s campaign pledge, which he made during a September rally, saying credit card interest rates should be capped at around 10%.
Source: https://www.foxnews.com/politics/bernie-sanders-josh-hawley-team-up-trump-pledge-slash-credit-card-rates-10