WASHINGTON — U.S. Senator Josh Hawley (R-Mo.) has renewed his push for Congress to pass his legislation to cap credit card interest rates for working Americans. This comes after President Donald Trump called for a 10% cap on predatory credit card interest rates over the weekend.
“President Trump is right: working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon. It’s not just wrong, it’s exploitative. And it needs to end,” Senator Hawley said. “Congress should pass my bipartisan bill to cap these rates and deliver relief right away.”
Senator Hawley and Senator Bernie Sanders (I-Vt.) introduced bipartisan legislation in February 2025 to immediately cap credit card interest rates at 10% for five years. The legislation came after a recent Forbes report found that the average credit card interest rate is 28.6%, despite banks’ ability to borrow money from the Federal Reserve at less than 4.5%. Exorbitant interest rates and sky-high fees have allowed credit card companies to make enormous profits, supplying their executives with generous compensation at the expense of hard-working Americans.