Senator Warren Criticizes Trump’s Unfulfilled Credit Card Promises

Senator Elizabeth Warren has criticized former President Donald Trump for failing to deliver on his promises to reduce credit card interest rates. Warren argues that these unfulfilled commitments have burdened American families financially.

Trump’s Unfulfilled Promises

During his presidency, Trump vowed to implement policies that would alleviate economic hardships. More than 400 days into his second term, families are experiencing higher costs on essential goods and services.

Proposed Interest Rate Cap

One major proposal from Trump included capping credit card interest rates at 10%. According to estimates, this cap could save American consumers nearly $900 annually per household. Cumulatively, families would save close to $100 billion, providing much-needed financial relief.

Initial Commitment

On January 9, Trump indicated plans to address high credit card interest rates, requesting banks to adopt a temporary 10% cap by January 20. Warren describes the initiative as ineffective, suggesting that if Trump was serious, he should push for legislation in Congress rather than merely asking banks to comply voluntarily.

Bank Responses

In the weeks following Trump’s deadline, no significant changes were observed. Major banks have expressed concerns about potential economic fallout if interest rate caps were enforced. Warren counters these claims, stating that many smaller financial institutions offer lower rates and remain profitable.

Impact on Bank Executives

• The average compensation for bank CEOs exceeded $40 million in the previous year.
• JPMorgan Chase CEO Jamie Dimon reportedly earned $770 million.
• In 2025, big banks returned $140 billion to shareholders through dividends and buybacks.

Call for Legislative Action

Warren emphasizes the necessity of legislative action to implement a credit card interest rate cap. She has proposed designing a law that would prevent banks from retaliating against customers while transitioning towards a permanent cap.

Next Steps

Warren is encouraging the Senate Banking Committee to begin hearings in March. She believes a bill could be ready for the president’s approval by spring, stressing that American families need relief without further delays.