Bernie Sanders commits to back plan Trump peddled on campaign trail

Trump floated the cap while on the campaign trail and despite their differences, Sanders seized on the proposal at the time. The socialist senator returned to the idea this week, calling the plan a “great idea,” and he said he would introduce relevant legislation in the Senate.

“During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates,” Sanders said. “Great idea. Let’s see if he supports the legislation that I will introduce to do just that.”

During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that.

— Bernie Sanders (@SenSanders) December 30, 2024

In November, Sanders similarly said he was willing to work with Trump on the matter.

“If Trump, for example, follows through on his proposal to limit interest rates on credit cards to 10%, which is what he campaigned on, absolutely I will be there,” Sanders said.

“I think it’s a very good idea,” he continued. “I think it’s time we told the people on Wall Street they cannot charge the desperate working-class people who have a hard time paying their bill’s 25%, 30%, 40% interest rates.”

At a campaign stop in New York, Trump said he would support a “temporary cap on credit card interest rates.”

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

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Credit card interest rates are at a two-decade high with the average interest hovering around 21.76%, 6 percentage points higher than before the COVID-19 pandemic, which Sanders called “immoral.”

President Joe Biden’s administration tried to lower credit card late fees earlier this year, but a federal judge put a stop to his plans.