A new bipartisan bill aims to cap credit card interest rates. Senators Josh Hawley and Bernie Sanders introduced it to help consumers and fulfill one of Trump’s campaign promises.
The bill would set a 10% cap immediately. This limit would stay in place for five years if passed.
"During the campaign, President Trump pledged to cap credit card interest rates at 10%," Sanders said. "Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that."
Sanders slammed big banks for high interest rates. "When large financial institutions charge over 25% interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking," he said. "We cannot continue to allow big banks to make huge profits ripping off the American people."
Hawley echoed the concern. He called the cap "a simple way to provide meaningful relief to working people."
"Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon," Hawley said. "It's not just wrong, it's exploitative. And it needs to end."
Hawley previously introduced a bill to cap rates at 18%. It never made it past committee.
Trump's campaign reiterated support for a 10% cap. "President Trump has promised to cap interest rates at 10% to provide temporary and immediate relief," a September statement read. Many Americans back the idea, even if it means fewer rewards or tighter credit access.