Bernie Sanders plans to spearhead legislation on key Trump proposal

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Sen. Bernie Sanders, I-Vt., said he will push forward new legislation to cap credit card interest rates to 10%, which is something President-elect Donald Trump said he wanted to do temporarily on the campaign trail.

“During the recent campaign Donald Trump proposed a 10% cap on credit card interest rates. Great idea. Let’s see if he supports the legislation that I will introduce to do just that,” Sanders wrote on X.

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Sen. Bernie Sanders, left, and President-elect Donald Trump. (Reuters)

While campaigning in New York before winning the election against Vice President Kamala Harris, Trump threw his support behind a “temporary cap on credit card interest rates.”

“We’re going to cap it at around 10%. We can’t let them make 25 and 30%.”

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Trump framed the temporary policy as something to help Americans as they “catch up.”

The amount of credit card debt held by Americans rose to $1.17 trillion in the third quarter of 2024, per MarketWatch.

According to data from Lending Tree, the average credit card interest rate in December was 24.43%, MarketWatch also reported.

Regarding whether the president-elect still intends to implement this policy after he debuted it in September, transition spokesperson Karoline Leavitt told Fox News Digital in a statement, “The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. He will…

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