Unlikely bipartisan duo looks to put Trump campaign promise into law

An unlikely bipartisan duo, Sens. Bernie Sanders and Josh Hawley, have come together in the Senate to fulfill one of President Donald Trump’s campaign promises. The duo introduced a new bill on Tuesday aimed at capping credit card interest rates at 10%, a proposal that Trump had advocated for during his 2024 presidential campaign.

Sanders, recalling Trump’s pledge during the campaign, stated, “Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that.” He went on to criticize financial institutions charging exorbitant interest rates on credit cards, labeling it as “extortion” and “loan sharking.”

The bill proposed by Sanders and Hawley would set the cap on credit card interest rates at 10%, effective immediately, and remain in effect for five years. Sanders emphasized the importance of providing financial relief to working families struggling to make ends meet, stating, “We cannot continue to allow big banks to make huge profits ripping off the American people.”

Hawley echoed Sanders’ sentiments, highlighting the burden of record credit card debt on working Americans and the exploitative practices of major credit card issuers. He emphasized the need to end such practices and provide meaningful relief to working people through the proposed cap on interest rates.

Trump had first discussed capping interest rates during a campaign rally in September, where he outlined his economic agenda. He pledged to put a temporary cap on credit card interest rates at around 10%, emphasizing the need to prevent banks from charging excessively high rates.

Following Trump’s election, Sanders had committed to introducing legislation to cap credit card interest rates and has now followed through on that promise with the support of Sen. Hawley. The White House was contacted for comment on whether Trump still supports this action and the senators’ bill, but did not provide a response in time for publication.

The collaborative efforts of Sanders and Hawley reflect a bipartisan approach to addressing financial issues and providing relief to American consumers. By proposing a cap on credit card interest rates, the senators aim to fulfill a campaign promise made by President Trump and alleviate the financial burden on working families.