Trump Steals Sanders’ Thunder with 10% Rate Cap

In a stunning political maneuver, Donald Trump has stolen the thunder of the progressive left by announcing a 10% cap on credit card interest rates. The policy, which mirrors a bill introduced by Senator Bernie Sanders earlier in 2025, was announced on Truth Social with a January 20 start date. Trump declared that his administration would no longer allow Americans to be “ripped off” by high interest rates, effectively positioning himself as the champion of the working class.
The announcement came just one day after Sanders criticized Trump for failing to rein in Wall Street. By adopting Sanders’ signature policy, Trump has neutralized a key line of attack and appealed directly to voters struggling with debt. The U.S. is currently facing a record $1.17 trillion in credit card debt, making the issue of interest rates a potent political weapon.
However, the banking industry is not going down without a fight. Major financial associations released a joint statement warning that the cap would be disastrous for credit availability. They argued that a 10% rate is simply too low to cover the risks associated with lending to many consumers. If the cap is enforced, banks warned they would have to stop lending to millions of Americans.
Senator Elizabeth Warren was quick to point out the practical difficulties of the plan. She argued that Trump cannot simply wish the cap into existence; he needs Congress to pass a law. Warren dismissed the announcement as a “joke” and accused Trump of misleading the public. Meanwhile, Senator Josh Hawley cheered the move, highlighting the growing alignment between Trump and the populist wing of the GOP.
The economic fallout could be severe. Investor Bill Ackman warned that the cap would lead to mass cancellations of credit cards, as banks rush to limit their exposure to risk. As the political and economic arguments collide, the fate of the 10% cap remains uncertain.