Senator Elizabeth Warren (D-MA) repeatedly pressed banking industry witness Lindsey Johnson during a Senate Banking Committee hearing on June 23, demanding she name a single bank that complied with President Donald Trump’s promise to cap credit card interest rates at 10 percent.
Warren opened by noting that none of the witnesses raised their hands when asked if they agreed with Trump’s claim that affordability concerns are “a fake word made up by Democrats.” She then turned to Trump’s January pledge to cap credit card rates.
“We are more than five months past Trump’s January 20th deadline,” Warren said. “Which banks have implemented the one-year, 10% cap on credit card interest rates that President Trump promised to deliver?”
Johnson struggled to answer directly. “Banks offer 0% APRs today,” she said, prompting Warren to cut back in.
“I had a specific question,” Warren said. “Which banks have actually lowered their credit card interest rates to 10 percent? Can you give me their names?”
Trump Found a Brutal New Way to Punish His Own People
Trump’s World Just Came Crumbling Down As His Own Party Blew Up His Plan
Johnson again sidestepped, saying only that “there are definitely options that are low cost.” Warren pressed further, asking point-blank: “Are there any that are at 10 percent? Can you name one?”
Johnson never provided a bank name, instead arguing that “nobody wants to cut off credit to people” with lower credit scores.
Warren then revealed the cost of the broken promise. “It’s $57 billion in credit card interest rates above 10 percent that Americans have paid since January 20th,” she said, adding that breaks down to “$368 million a day” for what she called “Donald Trump’s broken promise.”
Warren also asked Dr. Julie Margetta Morgan, another witness, how families were coping. “Families are really struggling,” Morgan said, noting that “1 in 3 are skipping meals” and “skipping medications” while turning to high-cost debt, including credit cards and buy now, pay later loans.
Warren closed sharply: “President Trump may love inflation, but it’s killing American families.”
Watch the video here.
