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Sen. Warren says Trump called her to work on credit card interest rate caps
In an unexpected political development, President Donald Trump contacted Senator Elizabeth Warren (D-Mass.) this week to discuss collaborating on a measure to cap credit card interest rates. The call followed a public proposal by Trump last week to limit such rates at 10%.
Warren, the ranking member of the Senate Banking Committee and a long-time political adversary of the President, confirmed the conversation in a CNBC interview. "He said he wanted to work on that, I said, ‘Great, let’s get something done,'" Warren stated. She noted, however, that Trump had previously "not lifted a finger to try to get something through on credit card interest rate caps."
The overture comes as Warren has been actively outlining a Democratic strategy to regain congressional majorities in the 2026 midterms. Despite the potential for rare bipartisan cooperation on the issue, the proposal is meeting resistance from the President's own party.
Republican leaders on Capitol Hill have expressed caution, warning that an interest rate cap could restrict access to credit. House Speaker Mike Johnson emphasized the need for deliberation, stating, "The problem is, if you do that, then the credit card companies... they would just stop lending money and maybe they cap what people are able to borrow at a very low amount."
The discussion highlights a unique alignment between Trump and progressive Democrats on a populist economic issue, even as it exposes a rift with traditional free-market conservatives within the GOP. The path forward for any legislative action remains uncertain, given the stated concerns from Republican leadership about unintended consequences for credit availability.
