Sen. Elizabeth Warren (D-Mass.) speaks during a rally on May 21, 2025 in Washington, DC.
In Fox News Op-Ed, Warren Blasts Trump for Breaking Promise on Credit Card Rates
"While Trump claims he wants a credit card interest rate cap, his own regulators are helping out those very same Wall Street banks that are ripping off Americans."
Sen. Elizabeth Warren on Monday slammed President Donald Trump for breaking his promise to cap credit card interest rates.
In an op-ed published by Fox News, Warren noted that Trump last month gave the major US credit card companies a deadline of January 20 to set their interest rates at a maximum of 10% over the next year, or face some form of consequences.
However, that deadline has long since passed and Trump still hasn't done anything to punish the credit card firms for keeping their interest rates high.
What's more, Warren wrote, Trump and his administration have continued gutting the Consumer Financial Protection Bureau (CFPB), which could be used to launch an investigation into credit card billing practices.
"While Trump claims he wants a credit card interest rate cap," Warren argued, "his own regulators are helping out those very same Wall Street banks that are ripping off Americans and blocking states from protecting their citizens from sky-high loans."
The Massachusetts senator also slammed major financial institutions for claiming that capping credit card interest rates would lead to economic disaster.
"Give me a break," she said. "These are the most profitable financial institutions in the history of the world. There is no reason for them to demand 25% or 30% interest rates when smaller banks and credit unions are offering much lower credit card interest rates and are still making solid profits."
Warren revealed that she had a conversation recently with White House Chief of Staff Susie Wiles in which she made a case that it would be politically beneficial to pursue legislation on the issue, but so far the senator has not heard back about any follow-up plans.
"After six weeks, there’s no deal to help the American people," explained Warren. "We don’t need more speeches. We need an agreement on legislation and a commitment from the president to actually fight for it."
Trump's inaction on credit card interest rates came under fire last month from Mike Pierce, executive director of advocacy organization Protect Borrowers, who said that the president would need to lean harder on his congressional allies to make his promises a reality.
"Banks are charging the highest rates ever recorded—raking in windfall profits because both American life and Americans’ debts are more expensive," Pierce said. "If the president is serious about helping families, he needs his Republican allies in Congress to make this a top priority and stand up to the executives and lobbyists trying to protect banks’ bottom lines."
Matthew Stoller, senior researcher at the American Economic Liberties Project, was not surprised that Trump failed to live up to his credit card interest rate pledge.
"Shocker," he wrote in a social media post. "Trump was lying about his 10% credit card interest rate cap."
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Sen. Elizabeth Warren on Monday slammed President Donald Trump for breaking his promise to cap credit card interest rates.
In an op-ed published by Fox News, Warren noted that Trump last month gave the major US credit card companies a deadline of January 20 to set their interest rates at a maximum of 10% over the next year, or face some form of consequences.
However, that deadline has long since passed and Trump still hasn't done anything to punish the credit card firms for keeping their interest rates high.
What's more, Warren wrote, Trump and his administration have continued gutting the Consumer Financial Protection Bureau (CFPB), which could be used to launch an investigation into credit card billing practices.
"While Trump claims he wants a credit card interest rate cap," Warren argued, "his own regulators are helping out those very same Wall Street banks that are ripping off Americans and blocking states from protecting their citizens from sky-high loans."
The Massachusetts senator also slammed major financial institutions for claiming that capping credit card interest rates would lead to economic disaster.
"Give me a break," she said. "These are the most profitable financial institutions in the history of the world. There is no reason for them to demand 25% or 30% interest rates when smaller banks and credit unions are offering much lower credit card interest rates and are still making solid profits."
Warren revealed that she had a conversation recently with White House Chief of Staff Susie Wiles in which she made a case that it would be politically beneficial to pursue legislation on the issue, but so far the senator has not heard back about any follow-up plans.
"After six weeks, there’s no deal to help the American people," explained Warren. "We don’t need more speeches. We need an agreement on legislation and a commitment from the president to actually fight for it."
Trump's inaction on credit card interest rates came under fire last month from Mike Pierce, executive director of advocacy organization Protect Borrowers, who said that the president would need to lean harder on his congressional allies to make his promises a reality.
"Banks are charging the highest rates ever recorded—raking in windfall profits because both American life and Americans’ debts are more expensive," Pierce said. "If the president is serious about helping families, he needs his Republican allies in Congress to make this a top priority and stand up to the executives and lobbyists trying to protect banks’ bottom lines."
Matthew Stoller, senior researcher at the American Economic Liberties Project, was not surprised that Trump failed to live up to his credit card interest rate pledge.
"Shocker," he wrote in a social media post. "Trump was lying about his 10% credit card interest rate cap."
- What Will Trump and GOP Congress Do to the Consumer Financial Protection Bureau? ›
- Does Trump Really Want to Cap Credit Card Rates at 10%? Bernie Sanders Aims to Find Out ›
- Warren Asks the Fed to Reconsider Approval of Capital One-Discover Merger ›
Sen. Elizabeth Warren on Monday slammed President Donald Trump for breaking his promise to cap credit card interest rates.
In an op-ed published by Fox News, Warren noted that Trump last month gave the major US credit card companies a deadline of January 20 to set their interest rates at a maximum of 10% over the next year, or face some form of consequences.
However, that deadline has long since passed and Trump still hasn't done anything to punish the credit card firms for keeping their interest rates high.
What's more, Warren wrote, Trump and his administration have continued gutting the Consumer Financial Protection Bureau (CFPB), which could be used to launch an investigation into credit card billing practices.
"While Trump claims he wants a credit card interest rate cap," Warren argued, "his own regulators are helping out those very same Wall Street banks that are ripping off Americans and blocking states from protecting their citizens from sky-high loans."
The Massachusetts senator also slammed major financial institutions for claiming that capping credit card interest rates would lead to economic disaster.
"Give me a break," she said. "These are the most profitable financial institutions in the history of the world. There is no reason for them to demand 25% or 30% interest rates when smaller banks and credit unions are offering much lower credit card interest rates and are still making solid profits."
Warren revealed that she had a conversation recently with White House Chief of Staff Susie Wiles in which she made a case that it would be politically beneficial to pursue legislation on the issue, but so far the senator has not heard back about any follow-up plans.
"After six weeks, there’s no deal to help the American people," explained Warren. "We don’t need more speeches. We need an agreement on legislation and a commitment from the president to actually fight for it."
Trump's inaction on credit card interest rates came under fire last month from Mike Pierce, executive director of advocacy organization Protect Borrowers, who said that the president would need to lean harder on his congressional allies to make his promises a reality.
"Banks are charging the highest rates ever recorded—raking in windfall profits because both American life and Americans’ debts are more expensive," Pierce said. "If the president is serious about helping families, he needs his Republican allies in Congress to make this a top priority and stand up to the executives and lobbyists trying to protect banks’ bottom lines."
Matthew Stoller, senior researcher at the American Economic Liberties Project, was not surprised that Trump failed to live up to his credit card interest rate pledge.
"Shocker," he wrote in a social media post. "Trump was lying about his 10% credit card interest rate cap."
- What Will Trump and GOP Congress Do to the Consumer Financial Protection Bureau? ›
- Does Trump Really Want to Cap Credit Card Rates at 10%? Bernie Sanders Aims to Find Out ›
- Warren Asks the Fed to Reconsider Approval of Capital One-Discover Merger ›