Senator Elizabeth Warren, the ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, published a Fox News op-ed urging Congress to pass legislation capping credit card interest rates at 10% and arguing President Donald Trump has not followed through on a campaign pledge to lower credit card costs. The op-ed recounts Trump’s January 9 request for the largest banks to adopt a one-year, 10% cap voluntarily by January 20, and notes the deadline passed without banks cutting rates. Warren argues a statutory cap could save the average person with credit card debt about USD 900 a year, or roughly USD 100 billion collectively, and criticises efforts she attributes to the administration to sideline the Consumer Financial Protection Bureau. The piece also describes outreach to White House Chief of Staff Susie Wiles on an “emergency” cap that would prohibit banks from retaliating by closing accounts, reducing credit lines, or devaluing rewards, alongside a transition to a permanent cap. Warren writes that the Senate Banking Committee could hold hearings in March 2026 and move a bill to the President’s desk in spring 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-02-23
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member Elizabeth Warren calls for 10% credit card interest rate cap legislation
Senator Elizabeth Warren urged Congress in a Fox News op-ed to legislate a 10% cap on credit card interest rates, criticizing President Trump for not fulfilling his promise to lower these costs. Warren highlighted potential consumer savings of USD 100 billion annually and criticized efforts to undermine the Consumer Financial Protection Bureau. She mentioned possible Senate Banking Committee hearings in March 2026 to advance the legislation.