Bipartisan Bill to Cap Credit Card Interest Rates

SOURCE www.foxnews.com
Sen. Bernie Sanders and Sen. Josh Hawley introduce bipartisan bill to cap credit card interest rates at 10%, fulfilling a campaign pledge made by President Donald Trump. The bill aims to provide financial relief to working families by curbing financial institutions' practices of charging high interest rates.

Key Points

  • Sen. Bernie Sanders and Sen. Josh Hawley introduced a bill to cap credit card interest rates at 10%
  • President Trump had pledged to do the same during his 2024 presidential campaign
  • The bill aims to curb financial institutions' practices of charging high interest rates, providing relief to working families

Pros

  • Provides financial relief to working families struggling with credit card debt
  • Addresses exploitative practices of financial institutions charging high interest rates

Cons

  • Effectiveness of the bill in the long term is uncertain
  • May face opposition from big banks and financial institutions