Sen. Elizabeth Warren (D-Mass.) on Monday accused President Donald Trump of failing to deliver on his campaign promise to cap credit card interest rates at 10%, saying the delay has cost American families an additional $55 billion in interest payments.
Trump’s Promise Remains Unfulfilled
“According to The Century Foundation, every day that Trump fails to enforce his cap, American families rack up an additional $368 million in credit card debt,” Warren said in a post on X.
The delay has now cost families about $55 billion in additional interest, Warren said, adding that the money could instead have funded universal pre-K, restored food assistance, supported rural hospitals or canceled medical and student debt for millions of Americans.
Warren Says Families Are Struggling
Warren said Americans are saving a smaller share of their income than at any point in nearly four years, while serious delinquencies on credit cards, auto loans, and student loans have climbed to their highest levels since the aftermath of the financial crisis.
Warren accused Trump of allowing Wall Street to “pad its profits” as major credit card issuers continued to report billions of dollars in quarterly profits while charging variable purchase APRs well above 25%.
| Company | Q2 profit | 1 Day | YTD | 1 Year |
| JPMorgan Chase & Co (NYSE:JPM) | $21.2 billion | Up 0.85% | Up 9.44% | Up 19.42% |
| American Express Co (NYSE:AXP) | $3.11 billion | Up 2.83% | Down 10.02% | Up 7.93% |
| Citigroup Inc (NYSE:C) | $5.83 billion | Up 0.69% | Up 12.13% | Up 39.30% |
| Capital One Financial Corp (NYSE:COF) | $3 billion | Up 2.08% | Down 16.49% | Down 3.33% |
| Bank of America Corp (NYSE:BAC) | $9.1 billion | Up 0.13% | Up 11.05% | Up 28.82% |
Banks Pushed Back on Trump’s Proposal
Trump proposed a temporary one-year 10% cap on credit card interest rates in January, saying the measure would begin on the first anniversary of his second inauguration, but no nationwide cap has been implemented.
Banking groups, including the American Bankers Association and Bank Policy Institute, said the proposal would limit credit access and drive higher-risk borrowers to costlier loans.
Benzinga edge rankings indicate JPM has a Momentum score in the 77th percentile and a Growth score in the 76th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Bryan J. Scrafford on Shutterstock.com
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