Bernie Sanders, Josh Hawley team up on Trump pledge to slash credit card rates to 10%

"During the campaign, President Trump pledged to cap credit card interest rates at ten percent," Sanders said in a statement. "Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that." 

Sanders accused financial institutions that charge more than 25% interest on credit cards of "extortion" and "loan sharking." 

"We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief," his statement concluded. 

The bill would cap rates at 10% effective immediately and stay in effect for five years. 

In his own statement, Hawley said, "Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon." 

"It's not just wrong, it's exploitative. And it needs to end. Capping credit card interest rates at 10%, just like President Trump campaigned on, is a simple way to provide meaningful relief to working people." 

Trump talked about capping rates during a September campaign rally during which he laid out his economic agenda. 

"While working Americans catch up, we're going to put a temporary cap on credit card interest rates," he said. "We're going to cap it at around 10%. We can't let them make 25 and 30%."

The White House was asked whether Trump is still considering this action and if he supports the senators' bill, but it did not provide comment to Fox News Digital in time for publication.