The Hill
“Today @BernieSanders and I are teaming up to introduce a 10% cap on interest rates – just like @realDonaldTrump proposed,” he continued.
President Trump first said he backed a cap at a September campaign rally.
Hawley and Sanders said credit card interest rates have become “exploitative,” citing a recent Forbes report that found the average credit card interest rate is 28.6 percent, even though banks are able to borrow money from the Federal Reserve at less than 4.5 percent. Their proposed cap would be in effect for five years.
“When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking,” Sanders said in a statement.