Show-Me State Times

U.S. Senators Josh Hawley and Bernie Sanders have introduced a bipartisan bill aimed at capping credit card interest rates at ten percent for five years. This legislative move aligns with a campaign promise made by President Trump to limit these rates.

Senator Hawley stated, "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." He emphasized that capping the rates is a straightforward method to provide significant relief to working individuals.

Senator Sanders echoed this sentiment, highlighting the issue of high-interest charges by large financial institutions. "During the campaign, President Trump pledged to cap credit card interest rates at ten percent," he said. "Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that."

The proposal comes in response to findings from a Forbes report indicating an average credit card interest rate of 28.6%, while banks can borrow money from the Federal Reserve at less than 4.5%. The report suggests that such high-interest rates contribute significantly to the profits of credit card companies, benefiting executives but burdening American consumers.