Political News and Conservative Analysis About Congress, the President, and the Federal Government
President Donald Trump backed lowering credit card interest rates during his 2024 campaign, and the bill appears to attempt to hold him to his promise.
“When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available,” Sanders said in a statement. “They are engaged in extortion and loan sharking. We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief.
If passed, the bill would immediately cap all credit card interest rates at 10% for five years. The senators cited a recent“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. It’s not just wrong, it’s exploitative. And it needs to end,” Hawley said.
Trump said during a Long Island, New York, rally last year that he would cap interest rates on credit cards. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said in September. “We’re going to cap it at around 10%. We can’t let them make 25% and 30%.”“The facts on rate caps of any kind are clear: they are unworkable and actually harm the consumers policymakers are trying to help, by limiting the types of credit tens of millions of Americans depend on more than ever,” they said.
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