SEN ELIZABETH WARREN: President Trump's broken promise on credit cards

President Donald Trump could prevention American families hundreds of dollars connected recognition cards, but truthful far, he’s been each speech and nary action.

At the State of the Union, President Trump volition effort to rotation a blessed communicative astir his failed economical agenda. During his campaign, helium promised to little costs "on time one." He is present much than 4 100 days into his 2nd term, and his policies are forcing Americans to wage much for everything from groceries to lodging and electricity. Last Friday, the Supreme Court rebuked him for illegally taking wealth from moving families. And polls amusement the American radical deliberation the president is not doing capable to little costs.

One mode Trump could little costs rapidly is to travel done connected his run committedness to enactment a 10% headdress connected recognition paper involvement rates. This could prevention the mean American with recognition paper indebtedness astir $900 a year. Collectively, families would prevention astir $100 billion, giving them immoderate breathing country and strengthening the system overall.

TRUMP CALLS FOR 1-YEAR 10% CAP ON CREDIT CARD INTEREST RATES

On Jan. 9, the president seemed poised to act. He announced that recognition paper companies volition nary longer rip disconnected the American radical — and past helium politely asked the biggest banks to enactment successful spot a one-year, 10% headdress connected recognition paper involvement rates by Jan. 20. At the time, I said that asking recognition paper companies to play bully is silly, and if the president was serious, he’d enactment to walk a measure done Congress that would present little rates.

Three days later, President Trump called maine himself. I had conscionable fixed a code noting that helium is driving up costs for families and sowing panic and chaos successful our communities. I repeated my push: If the president truly wanted to headdress recognition paper involvement rates, helium would usage his leverage and propulsion a measure done Congress. On our telephone call, I delivered the aforesaid message.

While the president dawdles, the large banks are coming retired of the woodwork to pass of an ‘economic disaster’ if we headdress recognition paper involvement rates. Give maine a break.

That was six weeks ago. President Trump’s Jan. 20 deadline has travel and gone, and nary 1 is amazed that the large banks person not voluntarily chopped recognition paper rates to assistance American families. Instead, Trump and his fund chief, Russ Vought, person moved successful the other direction, trying to sideline the Consumer Financial Protection Bureau, which could beryllium utilized to bring down recognition paper costs. While Trump claims helium wants a recognition paper involvement complaint cap, his ain regulators are helping retired those precise aforesaid Wall Street banks that are ripping disconnected Americans and blocking states from protecting their citizens from sky-high loans.

SEN BERNIE SANDERS: WE NEED TO CAP CREDIT CARD INTEREST RATES AT 10%

While the president dawdles, the large banks are coming retired of the woodwork to pass of an "economic disaster" if we headdress recognition paper involvement rates. Give maine a break. These are the astir profitable fiscal institutions successful the past of the world. There is nary crushed for them to request 25% oregon 30% involvement rates erstwhile smaller banks and recognition unions are offering overmuch little recognition paper involvement rates and are inactive making coagulated profits.

The large banks marque astir a 1.5% instrumentality connected their lending mostly — but for recognition cards, they marque a whopping 6.8% return. Credit cards besides bring successful and prolong caller customers for different services. These banks could little recognition paper rates and inactive beryllium wildly profitable.

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Credit paper CEOs emotion those precocious rates due to the fact that they assistance concern a large chunk of the salaries and bonuses for those astatine the top. Compensation for each large slope CEO topped $40 cardinal past year, with JPMorgan Chase CEO Jamie Dimon pocketing a tidy $770 million. Shareholders are happy, too. Big banks paid retired a grounds $140 cardinal successful dividends and stock buybacks successful 2025. Meanwhile, the American radical person been charged much than $150 cardinal annually successful recognition paper interest.

Americans privation alleviation — and Democrats are ready. After the president called me, I reached retired repeatedly to his main of staff, Susie Wiles, to stock ideas astir however to plan an exigency 10% complaint headdress that prohibits banks from retaliating by shutting down accounts, reducing recognition lines oregon devaluing rewards. I besides explained however we could modulation to a imperishable complaint cap, truthful recognition paper companies can’t spell close backmost to ripping radical disconnected aft 1 year.

But aft six weeks, there’s nary woody to assistance the American people. We don’t request much speeches. We request an statement connected authorities and a committedness from the president to really combat for it.

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Let’s walk a measure to headdress recognition paper involvement rates. The Senate Banking Committee could clasp hearings successful March and get a measure to the president’s table this spring.

No much delays. It’s clip to present alleviation for American families.

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