If the Hawley–Sanders legislation passes, the government will set a price cap on what credit card companies charge for loaning money. If the companies perceive that the price is too low to offset the risk of loaning to some customers, they'll probably stop offering any credit to those customers.

Sen. Bernie Sanders of Vermont and Sen. Josh Hawley, a Republican from Missouri, introduced legislation to cap credit card interest rates at 10%.

Despite what Fed officials, economists, and their media enablers tell you, there’s no such thing as costless credit. This is important simply because economists and pundits who should know better still claim against all logic and reason that when the Fed goes to “zero,” so do interest rates. No, that’s not true.

Senators Bernie Sanders and Josh Hawley introduced new legislation that would cap interest rates on credit cards at 10% to fulfill one of President Trump's campaign promises.

Sanders and Hawley’s bill comes after President Donald Trump vowed in the 2024 race to temporarily cap credit card interest rates at 10%.

Sen. Bernie Sanders (I-Vt.) and Sen. Josh Hawley (R-Kan.) agree on very little politically. But the very liberal and very conservative lawmakers are co-spo