US EditionWhat would be the impact of a credit card interest rate cap?
- New legislation introduced by Senators Bernie Sanders and Josh Hawley aims to cap credit card interest rates at 10% for five years after enactment, supported by President Donald Trump's campaign pledge.
- Leading trade groups oppose the proposed 10% cap, citing research that government price setting can harm consumers by limiting credit access.
- Senator Bernie Sanders accused financial institutions of 'extortion' for charging interest rates over 25%, while Senator Josh Hawley described high rates as 'exploitative'.
- Matt Schulz from LendingTree noted that credit card rate caps are popular but face significant opposition, stating that 76% of those who requested lower rates received them.
6 Articles
6 Articles
SENS. BERNIE SANDERS AND JOSH HAWLEY: Cap credit card interest rates at 10%
Sens. Bernie Sanders and Josh Hawley agree it's time to help Americans dig out from debt. They are working together to limit credit card interest rates, where people owe $1.17 trillion.
What would be the impact of a credit card interest rate cap?
New legislation in Congress that was introduced by an unlikely duo of senators seeks to impose a credit card interest rate cap, with the potential for such a bill becoming law aided by President Donald Trump's campaign pledge on the subject.Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., introduced legislation that would cap credit card interest rates at 10% for five years after the bill's enactment. The two populist senators touted the mea…
Chrystia Freeland would like to impose a ceiling on credit card interest rates if she was elected to head the Liberal Party of Canada.
LexBlog
Consumer Finance MonitorSenators Sanders, Hawley introduce legislation to cap credit card interest rates at 10%
Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%. The Senators said their bill, S. 381, would fulfill a commitment made by President Trump when he campaigned for president last year. The legislation—which has been proposed in past Congresses—would impose the cap through a change in the Truth in Lending Act. The Senators noted that in September, the Trump ca…
Coverage Details
Bias Distribution
- 75% of the sources lean Right
To view factuality data please Upgrade to Premium
