Who expected this?
Senator Bernie Sanders, a progressive independent from Vermont, recently indicated that he would be open to collaborating with President Donald Trump, particularly if Trump follows through with his campaign promise to cap credit card interest rates at 10%. Sanders discussed this potential cooperation on The Daily podcast, where he told host Michael Barbaro that he would support the proposal, seeing it as a much-needed reform for working-class Americans.
During the 2016 campaign, Trump suggested a cap on credit card interest rates, saying that rates as high as 25% or 30% were unjust and harmful to hard-working Americans struggling to make ends meet. Sanders agreed, stating that such high interest rates are “immoral” and a financial burden on the people who can least afford them. Currently, credit card interest rates average 21.5%, which is a sharp increase from pre-pandemic levels. In fact, Americans are now facing over $1.28 trillion in credit card debt, with debt levels growing by billions each quarter.
Trump’s proposal, which he reaffirmed during his campaign, seeks to temporarily limit credit card interest rates to 10%. His spokesperson, Karoline Leavitt, emphasized that this plan would provide immediate relief for working Americans who are being squeezed by rising living costs, including mortgages, rent, and everyday essentials like groceries and gas. If enacted, the credit card cap would provide much-needed financial breathing room for families across the country.
Interestingly, Sanders and other progressive figures like Rep. Alexandria Ocasio-Cortez have previously pushed similar policies. In 2019, Sanders introduced the “Loan Shark Prevention Act,” which proposed a 15% cap on interest rates for consumer credit. Sanders has long criticized Wall Street, calling out the financial elites who profit from the suffering of everyday Americans. He has argued that these financial institutions, like JPMorgan Chase and Citigroup, are no different from “modern-day loan sharks” who exploit the most vulnerable in society.
While Sanders’ rhetoric is often sharply critical of conservative economic policies, his willingness to work with Trump on issues that directly impact working families highlights a shared concern for the economic hardships facing everyday Americans. This rare moment of potential bipartisan cooperation could signal a shift in how both sides approach financial reforms, particularly those that affect millions of hardworking citizens struggling under the weight of rising debt and inflation.
Though Sanders and Trump may differ on many issues, this credit card interest rate proposal represents an opportunity for both sides to deliver meaningful change for the American people, offering a glimpse of hope for those who have been left behind by the political establishment.