FASTER: ‘Americans are being crushed’: Sen. Josh Hawley wants to cap credit card APR at 18% — here’s his plan to help ‘working people’

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via YAHOO:

Senator Josh Hawley has introduced new legislation that would cap credit card interest rates at 18% in a move he hopes is “fair, common-sense, and gives the working class a chance.”

The “Capping Credit Card Interest Rates Act” — introduced by Hawley on Sept. 12 — comes shortly after U.S. consumer credit card debt surpassed one trillion dollars, the highest level on record.

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With the average credit card interest rates hitting a “record level,” according to Hawley’s office, the senator says he has had “enough” of banks raising the financial burden of working people.

In a post on X (formerly Twitter), the Republican representing Missouri accused credit card companies of “grinding work[ing] people into poverty.”

His proposed law would put a stop to that by restricting credit card companies from imposing new fees to evade the cap and imposing penalties on companies that violate it.

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“Americans are being crushed under the weight of record credit card debt — and the biggest banks are just getting richer,” Hawley said in a news release. “The government was quick to bail out the banks just this spring, but has ignored working people struggling to get ahead.”

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