Senator Bernie Sanders announces he will introduce legislation to cap credit card interest rates at 10%

Sen. Bernie Sanders, I-Vt., expressed his eagerness to collaborate with the Trump Administration and urged President-elect Donald Trump to honor his campaign promise regarding a cap on interest rates.

"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 Friday.

"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," he added.

The post drew praise from several users on X, who thanked Sanders for supporting Trump’s proposed efforts.

“Thank you for trying to focus on the potential good coming from the next administration instead of fear-mongering,” one commenter wrote.

"I did not have Bernie agreeing with Trump on anything on my Election BINGO Card," another joked.

“This is a moment in our country’s history that nobody should forget. Wow! Trump and Bernie working together for the people of America! Maybe unifying this country is not impossible. Thank you, Bernie!” another user wrote.

Criticism of the Democratic Party

Sanders, a prominent left-wing lawmaker and member of the Senate Democratic caucus, has been critical of the Democratic Party in the aftermath of Trump’s 2024 presidential election victory, accusing the party of abandoning the working class.

"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 said in a previous statement.

"First, it was the White working class, and now it is Latino and Black workers as well."

Election Reflection

Sanders did not hold back in his assessment of the 2024 campaign, describing it as "disastrous" and placing blame on Democratic leadership.

"While the Democratic leadership defends the status quo, the American people are angry and want change. And they're right," he said.

He went on to criticize the influence of money and consultants in the party, questioning whether lessons would be learned from the election loss.

"Will the big money interests and well-paid consultants who control the Democratic Party learn any real lessons from this disastrous campaign? Will they understand the pain and political alienation that tens of millions of Americans are experiencing?" he asked.

"Do they have any ideas as to how we can take on the increasingly powerful oligarchy that wields so much economic and political power? Probably not."

Sanders' Political Future

While Republicans gained the Senate majority in 2024, the 83-year-old Sanders secured another six-year term in the chamber, where he has served since 2007.