Bernie Sanders intends to lead on legislation related to a significant Trump proposal.

Sen. Bernie Sanders, I-Vt., plans to introduce new legislation that limits credit card interest rates to 10%, a measure that President-elect Donald Trump had previously suggested temporarily during his campaign.

Sanders wrote on X that he supports legislation to cap credit card interest rates at 10%, as proposed by Donald Trump during the recent campaign.

During his campaign in New York, Trump advocated for a "temporary cap on credit card interest rates."

"We will limit it to approximately 10%. It is imperative that we prevent them from achieving 25% and 30%."

Trump presented the short-term policy as a means to assist Americans in "catching up."

In the third quarter of 2024, the credit card debt held by Americans increased to $1.17 trillion, according to MarketWatch.

In December, the average credit card interest rate was 24.43%, as reported by both Lending Tree and MarketWatch.

According to a statement from transition spokesperson Karoline Leavitt, the president-elect intends to implement the policy he announced in September, as he was re-elected by a significant margin and has a mandate to fulfill the promises he made during his campaign.

Planet Chronicle Digital asked Sanders' office about the temporary nature of the cap in his legislation, but they did not respond.

Republicans have frequently opposed policies that could harm businesses and limit access to credit cards, even though Trump supported a temporary cap.

During the Biden administration, Tim Scott, R-S.C., a top Trump ally and incoming Senate Banking Committee Chairman, strongly opposed measures to limit late fees and regulate the credit card industry.

This year, Scott stated that the administration's rule to limit credit card late fees would "reduce the accessibility of credit card products for those who require them, increase interest rates for many borrowers who pay on time, and increase the likelihood of late payments among all borrowers."

A 10% interest rate cap was not commented on by Scott's office.