If the Hawley–Sanders legislation passes, the government will set a price cap on what credit card companies charge for loaning money. If the companies perceive that the price is too low to offset the risk of loaning to some customers, they'll probably stop offering any credit to those customers.

Sen. Bernie Sanders of Vermont and Sen. Josh Hawley, a Republican from Missouri, introduced legislation to cap credit card interest rates at 10%.

Senators Bernie Sanders and Josh Hawley introduced new legislation that would cap interest rates on credit cards at 10% to fulfill one of President Trump's campaign promises.