Bipartisan bill would cap credit card interest rates at 10%
- Senator Bernie Sanders and Senator Josh Hawley introduced a bill to cap credit card interest rates at 10% for five years, responding to a promise made by President Donald Trump during his campaign.
- The average credit card interest rate in the U.S. is currently close to 27%, significantly higher than the proposed cap, according to estimates.
- Sanders stated, "We cannot continue to allow big banks to make huge profits ripping off the American people," emphasizing the need for financial relief.
- The American Financial Services Association criticized the bill, claiming that rate caps are "unworkable" and could harm consumers by limiting credit options.
28 Articles
28 Articles
Hawley and Sanders team up to fight credit card interest rates. Instead, they risk harming consumers. - R Street Institute
This week, Sen. Josh Hawley (R-Mo.) and Sen. Bernie Sanders (I-Vt.) introduced bipartisan legislation to cap credit card interest rates. The legislation would immediately cap rates at 10 percent and keep those rates in place for five years. The legislation is an attempt to provide financial relief to Americans struggling with credit card debt. It... The post Hawley and Sanders team up to fight credit card interest rates. Instead, they risk harmi…
Sens. Hawley, Sanders Propose 10 Propose Cap on Credit Card Rates | February 5, 2025
Newsmax Senators Josh Hawley, R-Missouri, and Bernie Sanders, I-Vermont, have proposed a 10% cap on credit card interest rates for five years. Their bipartisan bill put forth Tuesday aims to relieve consumers burdened by high credit card debt and supports a campaign promise made by President Donald Trump. The thinking behind the bill has
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