This afternoon, Sanders posted a set of poll numbers on social media: 79% of Americans support capping credit card interest rates at 10%, 73% support banning super PACs, and 66% support universal health care. His point was that Democrats, having just won the midterm elections, should deliver on these policies.
It’s worth taking a look at the bill’s actual progress. The 10% cap bill was introduced on February 4, 2025, by Sanders and Hawley as co-sponsors. Numbered S.381, it was referred to the Senate Banking Committee, and its status remains “Introduced.” According to the Federal Reserve’s August data, the average credit card interest rate at commercial banks was 21.19%; in November 2021, it was 15%. Interest rates keep climbing, while the bill remains stuck.
Trump also proposed a 10% cap on January 9 this year, but the White House later played down the idea. The two parties are rarely in agreement on this issue, yet neither has managed to get it out of committee. Banks like $JPM , which have a high share of their business in credit cards, would feel the pressure first through their net interest margins.
For the 10% cap to take effect, it would still need to pass a full Senate vote and be signed by the president.
It’s worth taking a look at the bill’s actual progress. The 10% cap bill was introduced on February 4, 2025, by Sanders and Hawley as co-sponsors. Numbered S.381, it was referred to the Senate Banking Committee, and its status remains “Introduced.” According to the Federal Reserve’s August data, the average credit card interest rate at commercial banks was 21.19%; in November 2021, it was 15%. Interest rates keep climbing, while the bill remains stuck.
Trump also proposed a 10% cap on January 9 this year, but the White House later played down the idea. The two parties are rarely in agreement on this issue, yet neither has managed to get it out of committee. Banks like $JPM , which have a high share of their business in credit cards, would feel the pressure first through their net interest margins.
For the 10% cap to take effect, it would still need to pass a full Senate vote and be signed by the president.
