Borrowers in lower- and middle-income households who carry balances would benefit the most from caps on credit-card charges. They would also be the first ones banks would stop lending to if the caps were enacted, according to experts, and banks might impose fees to make up for lost revenue.
Sen. Elizabeth Warren (D., Mass.) said in a statement, “I said a year ago if Trump was serious I’d work to pass a bill to cap rates. Since then, he’s done nothing but try to shut down the CFPB [Consumer Financial Protection Bureau].”
