Senators Bernie Sanders and Josh Hawley have introduced a bipartisan bill aiming to limit credit card interest rates to a maximum of 10%. This initiative echoes a campaign promise made by former President Donald Trump during his 2024 presidential bid. Sanders criticized financial institutions charging exorbitant interest rates, labeling practices exceeding 25% as "extortionate" and akin to "loan sharking." He emphasized the bill's potential to offer much-needed financial relief to working families burdened by high-interest debt.

Hawley echoed these sentiments, denouncing the escalating profits of major credit card companies while American families struggle under the weight of record-high credit card debt. He framed the proposed cap as a straightforward solution to alleviate the financial strain on working individuals. The legislation proposes an immediate 10% interest rate cap, effective for a five-year period. During a campaign rally, Trump advocated for a similar temporary cap, citing the unfairness of 25-30% interest rates. Following Trump's election, Sanders pledged to introduce legislation to address this issue, fulfilling that promise with this recent bill.

The White House has not yet commented on whether the former President still supports this measure or the senators' bill.