Independent Vermont Sen. Bernie Sanders announced on social media Friday that he intends to work with the Trump administration to address exorbitant credit card interest rates.
Sanders created post On X, formerly known as Twitter.
I look forward to working with the Trump Administration to fulfill its promise to cap credit card interest rates at 10%.
We cannot continue to allow the big banks to charge 25% to 30% interest rates, deceive Americans, and make record profits.
That is usury.
— Bernie Sanders (@SenSanders) November 15, 2024
During a campaign rally in September, President Trump proposed capping annual interest rates on credit cards at 10%. According to To the post. President Trump outlined his economic vision to a raucous crowd of about 16,000 people.
“We’re going to put a temporary cap on credit card interest rates while working Americans get their lives back on track,” Trump said. “We’re going to limit it to about 10%. We can’t allow them to make 25% and 30%.”
federal reserve system data According to There is. In Fed records dating back to 1994, credit card interest rates have never fallen below 10%. (Related: Pharmaceutical stocks plummet after President Trump announces HHS’s RFK Jr.)
Sanders previously said Vice President Kamala Harris’ loss to Trump could be due to Democrats not prioritizing working-class voters. In a statement shared with X, Sanders criticized Democratic leadership for clinging to the status quo. He argued that this approach has alienated key groups, including white, Latino and black workers, who are increasingly disillusioned and demanding meaningful change.
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