Two senators, Bernie Sanders and Josh Hawley, are set to introduce legislation imposing a 10% cap on credit card interest rates, aiming to alleviate consumer burdens. This initiative revives a long-standing advocacy for rate limits, previously attempted under presidents Bush and Obama. The proposal aligns with recent comments from former President Trump, advocating for a temporary cap. Current average rates exceed 22%, the highest since 1994. Banks are expected to oppose the legislation, citing it as unrealistic for covering losses from non-repaying borrowers.
We cannot continue to allow big banks to rip off Americans by charging outrageously high credit card interest rates, Mr. Sanders said in a statement.
Mr. Hawley, who has fashioned himself a populist on economist issues, described current interest rates as exploitative.
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