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Sen. Bernie Sanders, I-Vt., said he would push for new legislation that would cap interest rates on credit cards at 10%, something President-elect Donald Trump could temporarily accomplish during the campaign. This is what he said he wanted to do.
“During the recent campaign, Donald Trump proposed putting a 10% cap on credit card interest rates. It’s a great idea. We’ll see if he supports the bill I’m introducing to do just that. Let’s see,” Sanders wrote to X.
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Sen. Bernie Sanders (left) and President-elect Donald Trump. (Reuters)
While campaigning in New York before his victory over Vice President Kamala Harris, Trump voiced his support for a “temporary cap on credit card interest rates.”
“We’re going to cap it at about 10%. We can’t let them go to 25% or 30%.”
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President Trump framed the interim policy as something to help Americans “catch up.”
According to MarketWatch, the amount of credit card debt held by Americans increased to $1.17 trillion in the third quarter of 2024.
MarketWatch also reported that the average interest rate on credit cards was 24.43% in December, according to data from Lending Tree.
As for whether the president-elect intends to carry out the policy after he announces it in September, Transition Press Secretary Caroline Leavitt told Fox News Digital, “The American people re-elected President Trump by a wide margin. , gave him the mission to carry out.” The promises he made during the election campaign are sure to be fulfilled. ”
Sanders’ office did not respond to Fox News Digital’s request for comment on whether the bill’s cap would be temporary, as Trump has said.
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Sen. Bernie Sanders speaks during the second day of the Democratic National Convention at the United Center in Chicago on August 20, 2024. (Charlie Tribalow/AFP via Getty Images)
Although President Trump supported these temporary caps, Republicans have often opposed policies that harm businesses and limit credit card access.
In fact, President Trump’s ally and incoming Senate Banking Committee Chairman Tim Scott (R.S.C.) has been among the most opposed to efforts under the Biden administration to crack down on late fees and further regulate the credit card industry. was.
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Sen. Tim Scott has been the most vocal opponent of efforts under 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 said the administration’s rules capping late fees on credit cards would “reduce the availability of credit card products for those who need them most, and many who carry balances but pay on time will “This increases interest rates for borrowers, which in turn increases the likelihood that they will default on their credit card payments.” Payments are generally delayed. ”
Scott’s office declined to comment on the possibility of a 10% interest rate cap.
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