Bernie Sanders plans to spearhead legislation on key Trump proposal
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Senator Bernie Sanders, a Democrat from Vermont, has announced plans to introduce new legislation to cap credit card interest rates at 10%. This proposal aligns with President-elect Donald Trump’s previous statement during his campaign, where he supported a temporary cap on credit card interest rates. Sanders took to X to express his support for Trump’s idea and challenge him to back the legislation.
During his campaign in New York, Trump advocated for a temporary cap on credit card interest rates to help Americans \”catch up,\” suggesting a 10% limit. The current credit card debt held by Americans has risen to $1.17 trillion, with an average interest rate of 24.43% as of December, according to MarketWatch. This proposed legislation aims to provide relief to individuals struggling with high interest rates on their credit card debt.
When asked about Trump’s stance on implementing this policy, transition spokesperson Karoline Leavitt assured that the president-elect would fulfill his campaign promises. However, Sanders’ office did not clarify if the proposed cap in the legislation would be temporary, as Trump had suggested.
While Trump supported a temporary cap on credit card interest rates, Republicans have historically opposed policies that could potentially harm businesses or restrict credit card availability. Senator Tim Scott, a key ally of Trump and the incoming Senate Banking Committee Chairman, has previously opposed efforts to regulate the credit card industry, citing concerns about decreased availability of credit products and increased rates for borrowers.
Earlier this year, Scott criticized the Biden administration’s rule to cap credit card late fees, arguing that it could have negative consequences on borrowers. Scott’s office declined to comment on the potential 10% interest rate cap. It remains to be seen how this proposal will be received in Congress and whether it will garner bipartisan support.
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