Bernie Sanders backs Trump’s 'great idea' to cap credit card rates at 10% – The Times of India

Sen. Bernie Sanders announced plans to push for legislation that would impose a cap. credit card interest rate This is the first policy proposal proposed by President-elect Donald Trump during his campaign.
To remind people of Trump's campaign promise, Sanders wrote on X (formerly Twitter): “During the recent campaign, Donald Trump proposed putting a 10% cap on credit card interest rates. Great. Here's an idea. Let's see if he supports the bill I proposed.” We'll show you how to do just that. ”

Trump, who defeated Vice President Kamala Harris in the election, initially expressed support for a temporary cap on credit card interest rates while campaigning in New York. “We're going to cap it at around 10%. We can't make them earn 25% or 30%,” he said, calling the policy a way to help Americans “catch up.” said.
As of the third quarter of 2024, american credit card debt According to MarketWatch, the amount has reached $1.17 trillion. data from lending tree It was revealed that the average interest rate on credit cards in December was 24.43%.
When asked about President Trump's stance on policies after his election victory, Transition Press Secretary Caroline Levitt told Fox News Digital, “The American people re-elected President Trump by a wide margin, and the pledges he made during the campaign are… I gave him the mission to carry out this.” He will deliver. ”
Despite President Trump's support for a 10% cap, some Republicans oppose such a policy, saying it could hurt businesses and limit access to credit. .
Incoming call Senate Banking Committee chairman Tim Scottis a close ally of President Trump and has been a vocal opponent of the Biden administration's efforts to regulate late fees and other aspects of the credit card industry. His office declined to comment on the proposed interest rate cap.