Senator Criticizes Bank CEOs for Opposing Credit Card Rate Caps
Commentary by Steven Lofchie
"It’s January 21, and unsurprisingly, there is no self-imposed interest rate cap on credit cards by the big banks. ... It’s time to pass a law and get this done."
Elizabeth Warren, Senate Banking Committee Ranking Member
"It’s January 21, and unsurprisingly, there is no self-imposed interest rate cap on credit cards by the big banks. ... It’s time to pass a law and get this done."
Elizabeth Warren, Senate Banking Committee Ranking Member
Senate Banking Committee Ranking Member Elizabeth Warren criticized major bank CEOs for opposing credit card interest rate caps.
In a statement, Senator Warren argued that wealthy banking executives do not prioritize the interests of working families. She dismissed their economic warnings and urged Congress to immediately pass legislation to place an interest rate cap on credit cards.
Commentary
President Trump and Senator Warren agreeing on an issue makes for an interesting dynamic. Who is going to be on the other side of this debate? Is there a compromise to be had here that saves the government from being in the price control business?