Sen. Bernie Sanders (I-VT) plans to introduce legislation capping credit card interest rates at 10%, challenging President-elect Donald Trump to support the proposal he floated during his campaign. Sanders called the idea a “great” one and urged Trump to follow through on his campaign promise.
“If Trump…follows through on his proposal to limit interest rates…I will be there,” Sanders said, emphasizing the need to protect working-class Americans from exorbitant rates as high as 40%. Trump previously suggested a temporary 10% cap at a New York campaign stop, saying, “We can’t let [banks] make 25% and 30%…while working Americans catch up.”
Currently, average credit card interest rates are at a 20-year high of 21.76%, significantly up from pre-pandemic levels. Sanders has labeled such rates “immoral.” Meanwhile, a Biden administration effort to curb credit card late fees was blocked by a federal judge.
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