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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.

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R Street

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…

1 month ago

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RedState

Virginia Dem Sen. Sponsors Bill to Cap Debt Interest - Which Could Eliminate Options for Many Consumers

1 month ago·Washington, United States

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The Virginia Star

Sens. Hawley, Sanders Propose 10 Propose Cap on Credit Card Rates - The Virginia Star

Sens. Hawley, Sanders Propose 10 Propose Cap on Credit Card Rates

1 month ago

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WBFF

Senators move to cap interest rates on credit cards at 10%

A pair of senators are pushing a bill that would cap interest rates on credit cards in a move that would deliver on a campaign promise from President Trump.

1 month ago

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Newsmax

Sens. Hawley, Sanders Propose 10% Cap on Credit Card Rates

1 month ago·Washington, United States

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paymentsdive.com

Sanders, Hawley introduce credit card interest rate cap bill

In an unlikely union, Republican Sen. Josh Hawley and independent Sen. Bernie Sanders have locked arms to introduce legislation that would cap credit card interest rates at 10% over five years.

1 month ago

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