Summary
President Donald Trump expressed support for a proposal to cap credit card interest rates at 10%, which has support from progressive Senators Bernie Sanders and Elizabeth Warren. They hope to make credit card costs more affordable for Americans. However, it is uncertain if this proposal will have enough support to pass in Congress.
Key Facts
- President Trump announced support for a cap on credit card interest rates at 10%.
- Senators Bernie Sanders and Elizabeth Warren support this cap and are known for their consumer protection efforts.
- Trump and Warren discussed credit card rates and housing affordability during a phone call.
- A bill to cap interest rates at 10% for five years was introduced by Sanders and Republican Senator Josh Hawley.
- Critics worry the cap might make it harder for people to get credit cards.
- Data shows the average credit card interest rate is 19.65%.
- Trump’s stance aligns with some progressive views despite past differences.
