Warren says she's ready to work with Trump on a 10% credit card interest cap

Sen. Elizabeth Warren, a Massachusetts Democrat, said Sunday that she is ready to work with President Donald Trump to cap credit card interest rates at 10 percent. She spoke on CBS News' "Face the Nation" ¹.

Host Margaret Brennan asked what policies Democrats could work on with Trump. Warren named the credit card cap first ¹.

I got the bill. I'm ready to go.

What changed since January

Trump called in January for a one-year cap of 10 percent, starting January 20, 2026. He said Americans should no longer be "ripped off" by card companies ¹². That date passed without a cap taking effect, and a White House official later said the administration would work with Congress ¹.

Republicans ran Congress then, and some of the strongest resistance came from them. Then-Senate Majority Leader John Thune said the idea was "not something I'm out there advocating for." Sen. Thom Tillis said he was "totally against" it ¹.

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Other Republicans backed a cap. Sen. Josh Hawley and Sen. Bernie Sanders, an independent who caucuses with Democrats, introduced a bill for a 10 percent ceiling lasting five years ¹².

Democrats won both chambers in the midterm elections and take power in January. Warren is expected to chair the Senate Banking Committee, which oversees banking and finance ¹.

The numbers behind the fight

The average rate on commercial-bank credit card accounts that were charged interest was 22.36 percent in the third quarter of 2026, according to Federal Reserve data released Friday ¹. U.S. card balances stood at $1.26 trillion in the second quarter, according to the Federal Reserve Bank of New York ¹.

Banks oppose the idea. Five banking groups, including the American Bankers Association, said a 10 percent cap "would reduce credit availability." JPMorgan Chase CEO Jamie Dimon warned it could cause a drastic contraction in the card business ¹. Experts say issuers could also cut credit limits, raise fees or trim rewards ¹.

Rep. Greg Casar, who chairs the Congressional Progressive Caucus, urged Democrats in a memo to test Trump's populist promises, including this one ¹.

While we oppose him strongly on the vast majority of fronts, we should send bills to his desk that would lower prices and raise paychecks,

What happens next

Passage is not assured. Trump would still have to sign whatever Congress sends him, and opposition from some Republicans and the financial industry remains significant ¹.

Warren also said Democrats have bills ready on housing, price gouging, rural hospitals and access to health care ¹. Newsweek said it contacted Warren's office, the White House and two bank trade groups for comment on Sunday ¹.

That matters because many older Americans on fixed incomes carry card balances. A rate above 22 percent can eat up a cost-of-living raise quickly. Democrats now control what reaches the floor, so the question is whether Trump will support a cap when Congress puts one in front of him.

The Record

1. Jan 9, 2026Trump called for a one-year 10% cap on credit card interest rates, to start January 20 ².
2. Jan 20, 2026Trump's start date for the cap passed without the cap taking effect ¹.
3. Nov 8, 2026Warren said on Face the Nation she is ready to work with Trump on a 10% cap ¹.

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<h2>Warren says she&#39;s ready to work with Trump on a 10% credit card interest cap</h2> <p><em>By The GOP Files Kitchen-Table Desk. This article first appeared on <a href="https://thegopfiles.com/story/warren-says-she-s-ready-to-work-with-trump-on-a-10-credit-card-interest-cap">The GOP Files</a> on Sunday, November 8, 2026.</em></p> <p>Sen. Elizabeth Warren, a Massachusetts Democrat, said Sunday that she is ready to work with President Donald Trump to cap credit card interest rates at 10 percent. She spoke on CBS News&#39; &quot;Face the Nation&quot; .</p> <p>Host Margaret Brennan asked what policies Democrats could work on with Trump. Warren named the credit card cap first .</p> <blockquote><p>I got the bill. I&#39;m ready to go.</p><p>&mdash; Elizabeth Warren, U.S. Senator, Democrat-Massachusetts</p></blockquote> <h2>What changed since January</h2> <p>Trump called in January for a one-year cap of 10 percent, starting January 20, 2026. He said Americans should no longer be &quot;ripped off&quot; by card companies . That date passed without a cap taking effect, and a White House official later said the administration would work with Congress .</p> <p>Republicans ran Congress then, and some of the strongest resistance came from them. Then-Senate Majority Leader John Thune said the idea was &quot;not something I&#39;m out there advocating for.&quot; Sen. Thom Tillis said he was &quot;totally against&quot; it .</p> <p>Other Republicans backed a cap. Sen. Josh Hawley and Sen. Bernie Sanders, an independent who caucuses with Democrats, introduced a bill for a 10 percent ceiling lasting five years .</p> <p>Democrats won both chambers in the midterm elections and take power in January. Warren is expected to chair the Senate Banking Committee, which oversees banking and finance .</p> <h2>The numbers behind the fight</h2> <p>The average rate on commercial-bank credit card accounts that were charged interest was 22.36 percent in the third quarter of 2026, according to Federal Reserve data released Friday . U.S. card balances stood at $1.26 trillion in the second quarter, according to the Federal Reserve Bank of New York .</p> <p>Banks oppose the idea. Five banking groups, including the American Bankers Association, said a 10 percent cap &quot;would reduce credit availability.&quot; JPMorgan Chase CEO Jamie Dimon warned it could cause a drastic contraction in the card business . Experts say issuers could also cut credit limits, raise fees or trim rewards .</p> <p>Rep. Greg Casar, who chairs the Congressional Progressive Caucus, urged Democrats in a memo to test Trump&#39;s populist promises, including this one .</p> <blockquote><p>While we oppose him strongly on the vast majority of fronts, we should send bills to his desk that would lower prices and raise paychecks,</p><p>&mdash; Greg Casar, U.S. Representative and Congressional Progressive Caucus chair, Democrat-Texas</p></blockquote> <h2>What happens next</h2> <p>Passage is not assured. Trump would still have to sign whatever Congress sends him, and opposition from some Republicans and the financial industry remains significant .</p> <p>Warren also said Democrats have bills ready on housing, price gouging, rural hospitals and access to health care . Newsweek said it contacted Warren&#39;s office, the White House and two bank trade groups for comment on Sunday .</p> <p>That matters because many older Americans on fixed incomes carry card balances. A rate above 22 percent can eat up a cost-of-living raise quickly. Democrats now control what reaches the floor, so the question is whether Trump will support a cap when Congress puts one in front of him.</p> <p><em>Read the original, with every source linked, at <a href="https://thegopfiles.com/story/warren-says-she-s-ready-to-work-with-trump-on-a-10-credit-card-interest-cap">thegopfiles.com</a>. Republished under The GOP Files' <a href="https://thegopfiles.com/republish">free republishing terms</a>.</em></p> <img src="https://thegopfiles.com/api/rp/warren-says-she-s-ready-to-work-with-trump-on-a-10-credit-card-interest-cap.gif" alt="" width="1" height="1" style="border:0;width:1px;height:1px">

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Sources

1. Newsweek, “Warren Says She's Ready to Help Trump Cap Credit Card Rates at 10%” (2026-11-08). newsweek.com/elizabeth-warren-trump-10-percent-credit-card-r
2. Reuters via Yahoo News, “Trump Calls For One-Year Cap On Credit Card Interest Rates At 10%” (2026-01-09). yahoo.com/news/articles/trump-calls-one-cap-credit-024959278

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