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Sen. Bernie Sanders, I-Vt.said he will push for new legislation to cap credit card interest rates at 10 percent, something President-elect Donald Trump said he wanted to do temporarily on the campaign trail.
“For the last few years campaign proposed by Donald Trump a 10% cap on credit card interest rates. great idea Let’s see if he supports the legislation I will introduce to do that,” Sanders wrote to X.
Senator Bernie Sanders, left, and President-elect Donald Trump. (Reuters)
While campaigning in New York before winning the election against Vice President Kamala HarrisTrump launched support behind a “temporary cap on credit card interest rates.”
“We’re going to limit it to about 10%. We can’t let them do 25 and 30%.”
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Trump framed the temporary policy as something to help Americans “catch up.”
The amount of credit card debt held by Americans rose to $1.17 trillion in the third quarter of 2024, by MarketWatch.
According to data from Lending Tree, the average credit card interest rate in December was 24.43%, MarketWatch also informed.
As for whether the president-elect still intends to implement the policy after debuting it in September, transition spokeswoman Karoline Leavitt told Fox News Digital in a statement: “The American people re-elected the President Trump by a resounding margin and gave him a mandate to implement the promises he made during the campaign.
Sanders’ office did not say whether the cap on his legislation would be temporary, as Trump said, when asked by Fox News Digital for comment.
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Senator Bernie Sanders speaks on the second day of the Democratic National Convention at the United Center in Chicago on August 20, 2024. (CHARLY TRIBALLEAU/AFP via Getty Images)
While Trump supported this time limit, Republicans have often opposed policies that could hurt businesses and restrict the availability of credit cards.
In fact, Trump’s top ally and incoming Senate Banking Committee chairman Tim Scott, RSC, was a leading opponent of efforts during the Biden administration to crack down on late fees and further regulate the banking industry. credit cards.
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Senator Tim Scott was a leading opponent of efforts during the Biden administration to crack down on late fees and further regulate the credit card industry. (Reuters)
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Earlier this year, Scott explained that the administration’s rule to limit credit card late fees “would decrease the availability of credit card products for those who need it most, raise rates for to many borrowers who have a balance but pay on time and would increase the likelihood of late payments across the board.”
Scott’s office declined to comment on a potential 10 percent interest rate cap.
