In a surprising show of bipartisan alignment, Senator Bernie Sanders has expressed his willingness to work together with President-elect Donald Trump on his promise to cap credit card interest rates at 10%, a move aimed at alleviating financial burdens on working Americans. "I look forward to working with the Trump Administration on fulfilling his promise to cap credit card interest rates at 10%," Sanders posted on X. In a statement on Friday, Sanders emphasised the importance of addressing predatory practices by big banks. "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."
Trump, during a rally in September, reiterated his pledge to implement a temporary cap on interest rates if re-elected, calling the current rates unacceptable. "While working Americans catch up, we’re going to put a temporary cap on credit card interest rates. We can’t let them make 25% and 30%," he said. Sanders’ offer to work together with Trump is rare, as the progressive senator has criticised Trump on various occasions. Previously, during a podcast, Senator Bernie Sanders was asked if there were any issues where he might work with Trump, and he had pointed to Trump’s September campaign promise to cap credit card interest rates. "If Trump, for example, follows through on his proposal to limit interest rates on credit cards to 10 percent, which is what he campaigned on, absolutely, I will be there," Sanders was quoted as saying by Newsweek. He added, "I think it's a very good idea. It's time we told the people on Wall Street they cannot charge desperate working-class people, who are struggling to pay their bills, 25, 30, or even 40 percent interest rates."
SANDER’S CRITIQUE OF DEMOCRATS
The Democratic socialist leader did not hold back in his critique of the Democratic Party following Trump’s 2024 election victory, accusing it of losing touch with working-class voters.“It should come as no great surprise that a Democratic Party which has abandoned working-class people would find that the working class has abandoned them,” Sanders had remarked, pointing to a shift among white, Latino, and Black workers. To read more click here.