Senator Bernie Sanders has announced plans to push legislation to cap credit card interest rates at 10 %, a policy suggestion that President-elect Donald Trump first made during his campaign.
Sanders took to X ( formerly Twitter ) to remind the public of Trump’s campaign promise, writing,” During the recent campaign, Donald Trump proposed a 10 % cap on credit card interest rates. Great thought. Discover if he agrees with the regulations I’ll pass to accomplish that.
While fighting in New York, Trump, who defeated vice chairman Kamala Harris, first endorsed a momentary cap on credit card interest rates. ” We’re going to cap it at around 10 %. We can’t let them produce 25 and 30 %”, he said, framing the plan as a way to help Americans” get up”.
As of the second quarter of 2024, American credit card debt had reached$ 1.17 trillion, according to MarketWatch. According to Lending Tree statistics, the average credit card interest rate was 24.4 % in December.
Transition director Karoline Leavitt told Fox News Digital when asked about Trump’s position on the issue following his win in the poll,” The American people re-elected President Trump by a spectacular ratio giving him a mission to adopt the promises he made on the campaign road.” He may supply”.
Despite Trump’s support of the 10 % cap, some Republicans have opposed such laws, arguing that they could hurt firms and restrict access to credit.
Trump’s close alliance Tim Scott, the new chairman of the Senate Banking Committee, was a staunch defender of the administration’s efforts to regulate late charges and other elements of the credit card industry. His office declined to comment on the proposed attention price cap.
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