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.

New legislation pointed at capping credit card interest rates at 10% will erase card rewards for most consumers, financial experts told the Washington Examiner. Sens. Bernie Sanders (I-VT) and Josh Hawley (R-MO) introduced the bill on Thursday that would cap credit card interest rates for five years.