U.S. Senate Committee on Banking, Housing and Urban Affairs hears Warren fault Trump’s affordability agenda and say unmet credit card rate cap promises cost families USD 57 billion

At a U.S. Senate Committee on Banking, Housing and Urban Affairs hearing on affordability, Ranking Member Elizabeth Warren used her opening remarks and witness questioning to argue that President Donald Trump’s economic agenda has raised costs for households and that his promised 10% cap on credit card interest rates has not been delivered. Warren said no bank represented at the hearing could identify a lender that had adopted the one-year 10% cap Trump had urged by January 20, and she estimated that Americans have paid USD 57 billion in credit card interest above that level since then, or about USD 368 million a day. Warren framed the hearing around higher consumer costs from tariffs, energy price increases tied to Trump’s war with Iran, and what she described as corruption and deregulation that weaken consumer protection. She contrasted those claims with the Senate’s passage of the 21st Century Road to Housing Act, which she called the biggest housing bill in more than 30 years and said would expand housing supply, reduce costs and curb private equity purchases of homes. In questioning witnesses, she said more than 100 million Americans now carry credit card debt and that delinquencies are at their highest since the 2008 financial crisis. A banking industry witness said banks offer some 0% annual percentage rate and low-cost options but did not name any bank that had imposed a 10% cap, while another witness said households are coping by skipping meals, delaying medications and healthcare, and relying more on credit cards, buy now pay later products and paycheck advance loans.