A bill to limit the interest rate on credit cards has been introduced in Congress. The banking industry says capping rates would have unintended consequences.

Josh Hawley, Bernie Sanders Propose Capping Credit Card Interest Rates At 10%

New legislation pointed at capping credit card interest rates at 10% will erase card rewards for most consumers, financial experts told the Washington Examiner. Sens. Bernie Sanders (I-VT) and Josh Hawley (R-MO) introduced the bill on Thursday that would cap credit card interest rates for five years.

A political odd couple is joining forces to lower credit card interest rates. Sen. Bernie Sanders (I-Vt.) and Sen. Josh Hawley (R-Mo.) unveiled a bill that would cap credit card interest rates at 10%.