Sanders Vindication: Trump Adopts 10% Rate Limit

Senator Bernie Sanders has found unlikely vindication in Donald Trump’s latest economic announcement. After years of campaigning for a cap on credit card interest rates, Sanders watched as Trump announced a 10% limit on Truth Social. The policy, set to begin on January 20, is virtually identical to a bill Sanders introduced in early 2025. Trump’s adoption of the idea confirms that the issue of high interest rates has crossed the partisan divide.
The announcement came just a day after Sanders criticized Trump for being too soft on Wall Street. By stealing Sanders’ policy thunder, Trump has positioned himself as the true champion of the working class. The move addresses the record $1.17 trillion in credit card debt, a crisis that Sanders has long warned about.
However, the banking industry remains steadfast in its opposition. Major financial associations issued a statement warning that the cap would be “devastating” for credit availability. They argued that the policy would force them to stop lending to risky borrowers, creating a credit crunch. The industry groups made it clear that they view the cap as an existential threat to their business model.
Senator Elizabeth Warren was less impressed by the political maneuvering. She called the announcement a “joke,” arguing that Trump lacks the legal authority to enforce the cap without Congress. Warren accused the president of playing politics with people’s financial lives, rather than doing the hard work of passing legislation.
Despite the skepticism, the move has been cheered by populists like Senator Josh Hawley. The convergence of Trump and Sanders on this issue suggests that the era of bipartisan consensus on free-market financial policy may be over. As January 20 approaches, the focus shifts to whether Trump can actually deliver on his borrowed promise.