Trump: 10% Credit Card Cap Sounds Like Zohran Mamdani’s Idea

President Donald Trump is aware of he is aligning himself with the progressive left in terms of credit cards.

Throughout an interview with CNBC’s Joe Kernen in Davos on Wednesday, Trump acknowledged that his name for a ten% cap on bank card rates of interest is not an ordinary conservative coverage.

In reality, he joked that it is one thing that New York Metropolis Mayor Zohran Mamdani, a Democratic socialist, may need provide you with.

“I do know it is form of like… it sounds just like the mayor of New York possibly got here up with that,” Trump stated with amusing.

Following Mamdani’s election in November, the 2 met in the Oval Office and appeared to share some widespread floor in remarks to the press afterwards.

“I am conservative, however I feel I am widespread sense, ?” Trump stated on Wednesday. “Folks say, ‘Are you a conservative?’ I say, ‘Yeah, however I am a common sense particular person.’ I imply, I do issues that are not essentially that conservative generally.”

Trump stated he revered bank card corporations however that customers cannot afford to pay excessive charges.

“No matter occurred to usury? They cannot pay 28%,” Trump stated.

Earlier on Wednesday, Trump known as on Congress to go a invoice capping bank card rates of interest at 10% for one 12 months.

Key Republicans in Congress have been cool to that idea, with Home Speaker Mike Johnson telling reporters final week that Trump “in all probability had not thought by way of” the potential downsides of the coverage and that bank card corporations might “simply cease lending cash” or “cap what individuals are in a position to borrow at a really low quantity.”

Many business leaders have additionally been crucial of the concept.

But Trump’s name has additionally been met with settlement from some progressives, together with Sen. Elizabeth Warren of Massachusetts, whom Trump known as final week.

In Congress, Impartial Sen. Bernie Sanders of Vermont and Republican Sen. Josh Hawley of Missouri have launched a invoice that will do exactly what Trump stated, capping bank card charges at 10% for a 12 months.