Published 1 month ago • loading... • Updated 29 days ago

What 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.

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Fox News

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.

29 days ago·New York, United States

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Fox Business

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…

1 month ago·United States

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RealClearMarkets

Reality Intrudes On Sanders and Hawley's Rate Cap

Price controls have a long and well-documented history of failure, yet policymakers continue to impose them with predictable results. President Donald Trump, Senators Bernie Sander

1 month ago

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TVA Nouvelles

PLC Chieftain Race: Chrystia Freeland would like to cap interest rates on credit cards

Chrystia Freeland would like to impose a ceiling on credit card interest rates if she was elected to head the Liberal Party of Canada.

1 month ago·Montreal, Canada

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LexBlog

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Consumer Finance Monitor

Senators 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…

1 month ago

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