Warren Says She Is Ready to Work on 10% Credit-Card Rate Cap
Warren identified a 10% credit-card rate cap as an area for possible cooperation, with no new cap enacted.
Sen. Elizabeth Warren said Sunday that she is ready to work on legislation to reduce credit-card interest rates to 10%, pointing to a proposal President Donald Trump has also supported. Her comments signal a willingness to pursue a bill, not a new cap that is already in effect.
In an interview on CBS's Face the Nation, the Massachusetts Democrat said she has legislation ready and identified credit-card costs and housing as areas where work could move forward. CBS described Warren as the expected incoming Senate Banking Committee chair when Democrats take control in January.
Warren also said the committee would pursue both legislation and investigations. She argued that lowering family costs would be a central focus, while declining to identify a specific list of executives she planned to subpoena.
A credit-card rate cap would still require action through the legislative process. Sunday's interview did not announce a signed law, an implementation date or an immediate change to consumers' existing card agreements.