Senator Elizabeth Warren said she has legislation ready to cap credit card interest rates at 10% and is prepared to work with President Donald Trump to pass it, Watcher Guru and Newsweek reported. Newsweek said she spoke on CBS’s Face the Nation on Sunday, November 8, saying “I got the bill. I’m ready to go.”
Watcher Guru reported that Democrats take the Senate majority in January and that Warren is expected to chair the Senate Banking Committee. None of the reports reviewed gives a bill number, legislative text or list of sponsors, and no vote has been scheduled. Newsweek noted that passage is not assured because Trump would still have to sign any bill.
Newsweek reported that Trump called for a one-year 10% cap in January 2026, but the January 20 target passed without implementation. It also noted that Senators Josh Hawley and Bernie Sanders earlier introduced separate legislation for a five-year 10% ceiling. For comparison, Watcher Guru cited Federal Reserve data showing average credit card rates of 22.36% in the third quarter of 2026.
According to Watcher Guru, opponents include the American Bankers Association, the Consumer Bankers Association, JPMorgan Chase CEO Jamie Dimon and Republicans Senate Majority Leader John Thune and Senator Thom Tillis. Newsweek said a White House official stated the administration would work with Congress on credit card interest relief.
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Sources:
Watcher Guru: Senate Democrats Prepare to Impose 10% Cap on Credit Card Interest Rates
Newsweek: Elizabeth Warren Ready to Help Trump Pass 10% Credit Card Rate Cap
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