General Discussion

https://www.fox5atlanta.com/news/josh-hawley-bernie-sanders-propose-capping-credit-card-interest-rates-10

A new bipartisan bill introduced by a pair of senators would cap credit card interest rates in an effort to help consumers and fulfill one of President Donald Trump's campaign promises.

Sens. Josh Hawley, R-Mo., and Bernie Sanders, I-Vt., introduced legislation that would cap credit interest rates at 10% immediately upon the bill's enactment into law. The cap would then remain in effect for five years.

"During the campaign, President Trump pledged to cap credit card interest rates at 10%," Sanders said in a statement. "Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that."

"When large financial institutions charge over 25% interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking," Sanders added. "We cannot continue to allow big banks to make huge profits ripping off the American people."

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