Independent Vermont Sen. Bernie Sanders took to social media Friday to express his willingness to collaborate with the Trump administration to tackle exorbitant credit card interest rates.
Sanders made a post on X, previously known as Twitter.
I look forward to working with the Trump Administration on fulfilling his promise to cap credit card interest rates at 10%.
We cannot continue to allow big banks to make record profits by ripping off Americans by charging them 25 to 30% interest rates.
That is usury.
— Bernie Sanders (@SenSanders) November 15, 2024
During a campaign rally in September, Trump proposed capping annual credit card interest rates at 10%, according to The Post. Addressing a boisterous crowd of roughly 16,000, Trump outlined his economic vision.
“While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said. “We’re going to cap it at around 10%. We can’t let them make 25 and 30%.”
Federal Reserve data showed the average credit card interest rate stood at 21.5% as of May, reflecting a sharp increase since early 2022 amid inflation pressures following the COVID-19 pandemic. Credit card interest rates have never fallen to 10% in the Fed’s records, which span back to 1994.
Sanders previously stated that Vice President Kamala Harris’s loss to Trump can be attributed to the Democratic Party’s failure to prioritize working-class voters. In a statement shared on 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 growing increasingly disillusioned and calling for meaningful change.
Featured Image Credit: Jake Bucci
