Two senators are planning to launch a bill to impose a tight cap on credit card interest on Tuesday, recovering an offer that is guaranteed to draw screams from banks and other ND donors.
An id on the credit card rate has become a type of white whale for the generation for the generation for others, with it The attempt is reading briefly George HW Bush and Barack ObamaThe In September, the concept got a new life when President Trump, then on the way to the campaign, he said that he supported a temporary 10 percent limit on credit card rates “when Americans were working.”
This correct cap is included in Tuesday’s law to amend the law of the 7688, which is proposed by two senators who are not usually ideological allies: Bernie Sanders, Vermont Independent and Missouri Republican Josh Howli. Both participated in the previous attempt to impose a cap separately.
The average credit card interest rate is now more than 20 percent, According to BankrettThe Metrics have increased over the past decade; In 2023 in 22.8 percentCredit card companies have been charging their maximum rate since the Federal Reserve started collecting data in 1994.
The new limit will end 2031, at the end of the term of Mr Trump. The White House administration did not respond to any request to comment on whether it would back it.
“We cannot allow big banks to take the big banks to take away the interest rate on high credit card interest rates,” Mr. Sanders said in a statement. Mr. Haoli, who made himself as a population in economic issues, describes the current interest rate as “exploiting”.
The proposal can be calculated to produce a faded response from the bank and credit card industry. Last year, the bank lobbyists strictly came out against Mr Trump’s comments, arguing that they need to pay enough fees to recover the losses from the Orrowists who do not pay their loans.
American Financial Services Association, Credit Card Issues have a trade agency for Rate Caps says “Void” and “actually trying to damage customers, depending on the types of millions of American credit depends more than ever.”
Republican And Liberal Principal and researchers agree.
Like Mr. Trump, however, the traditional cannot hold the border. Treasury Secretary Scott Besent was asked at his confirmation hearing last month whether he supported a cap on credit card interest rate.
He did not promise A positionMr. Trump said he would come back to what he made.
