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Jun 25, 2025  |  
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Alex Miller


NextImg:Bernie Sanders plans to legislation based on Trump’s campaign promise to cap credit card rates

Sen. Bernard Sanders and President-elect Donald Trump have something in common — the desire to cap credit card interest rates.

Mr. Sanders, a Vermont independent who caucuses with Democrats, plans to introduce new legislation that would cap credit card interest rates, making good on a promise that Mr. Trump made on the campaign trail.

Indeed, Mr. Trump in September floated the idea of placing a temporary cap on credit card interest rates at 10% as part of his pitch to working-class voters that also included proposals for no taxes on tips, tax-free overtime pay and no income tax on Social Security benefits.



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

Mr. Sanders introduced the idea of legislation backing Mr. Trump’s proposal during an appearance on “The Weekly Show Podcast with Jon Stewart,” where he said that Mr. Trump and members of the incoming administration, including Elon Musk and Robert F. Kennedy Jr., sometimes say things “that make sense.”

He said that the president-elect would be walking a tightrope between the promises he made to the billionaire class and the working class, and the credit card interest rate cap idea is something that Mr. Sanders said he could get behind for working-class Americans.

“I think what our job, what my job, and people in Congress who share my views … is to say, ‘OK, Mr. Trump, you talked about a 10% cap on interest rates for credit cards. That’s a great idea,’” Mr. Sanders said. “Well, you know what, Jon, I’m going to introduce that legislation. Let’s see how far it goes.”

Mr. Sanders did not say if the 10% cap in his legislation would be temporary. The Washington Times reached out to Mr. Sanders’ office for clarification on that point.

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If Mr. Trump were to support Mr. Sanders’ bill, whether permanent or temporary, he would be running afoul of Republicans who oppose interest rate caps. They say that implementing a cap would lessen the amount of credit cards issued by credit card companies.

But Mr. Trump’s transition team didn’t rule out the Sanders bill.

“The American people re-elected President Trump by a resounding margin, giving him a mandate to implement the promises he made on the campaign trail,” Karoline Leavitt, a spokesperson for Mr. Trump, said in a statement to The Washington Times. “He will deliver.”

• Alex Miller can be reached at amiller@washingtontimes.com.