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Bernie Sanders and Donald Trump both call for capping credit card interest rates to combat financial inequality.
Senator Bernie Sanders has joined President Donald Trump in calling for a cap on credit card interest rates, citing extreme financial inequality and corporate concentration.
Sanders highlighted that four Wall Street firms manage over 120% of U.S. GDP in assets, while five major banks and credit card companies control nearly 70% of transactions, with Visa and Mastercard handling over 80%.
He criticized the current system, where consumers pay average rates near 24%—far above the less than 4% banks pay to borrow from the Federal Reserve—while the wealthiest gain billions.
Sanders supports capping rates at 10% initially, followed by a long-term limit of 15%, opposing Trump’s one-year proposal as misleading.
He argues the reform would promote fair access to credit and reduce predatory lending.
Bernie Sanders y Donald Trump ambos piden el límite de las tasas de interés de las tarjetas de crédito para combatir la desigualdad financiera.