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Sen. Bernie Sanders (I-Vt) on Wednesday said President Donald Trump lied about his promise to cap credit card interest rates at 10% while major banks continued to earn billions from consumer lending.
Banks Earned Billions From Credit Card Interest
In a post on X, Sanders said major banks earned $49 billion in profit last quarter while charging 25% to 30% credit card interest rates, even as working Americans struggled to pay their bills.
He added that Congress should “take on the outrageous greed and usury of Wall Street,” accusing banks of profiting from consumers facing high borrowing costs.
Trump promised to cap credit card interest rates at 10%.
He lied.
Last quarter, while working people struggle to pay their bills, big banks made a $49 billion profit charging 25-30% credit card interest rates.
We must take on the outrageous greed and usury of Wall Street.
— Bernie Sanders (@BernieSanders) July 15, 2026
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Trump’s 10% Cap Remains Unfulfilled
Sanders referred to Trump’s proposal to temporarily cap credit card interest rates at 10%, which the president announced in January as part of a broader push to address consumer affordability.
Trump had said the cap would apply for one year beginning on the first anniversary of his second inauguration, criticizing credit card companies for charging interest rates of 20% to 30% or more.
However, no nationwide cap has been implemented.
Americans owed about $1.25 trillion in credit card debt as of the first quarter of 2026, down slightly from the record $1.28 trillion at the end of 2025 but still roughly 63% higher than five years earlier.
A study by the Urban Institute found growing numbers of Americans were relying on credit cards to pay for groceries, with many unable to pay their balances in full.
Federal Reserve data showed the average interest rate on credit card accounts assessed interest stood at 22.15% in May, more than double the 10% cap Trump proposed.
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Sanders Backed Similar Legislation
In February 2025, Sanders and Sen. Josh Hawley (R-Mo.) introduced the legislation that would cap credit card interest rates at 10% for five years.
The proposals had not become law, while banking groups have continued to oppose mandatory interest-rate caps, arguing they could restrict access to credit.
The latest earnings season underscored the strength of the U.S. banking sector, as major lenders beat Wall Street expectations on solid consumer spending and robust trading revenue.
“Notwithstanding the recent volatility in market and gas prices, based on our data, consumers and small businesses remain resilient, with consumer spend growth continuing above last year’s pace,” JPMorgan Chase & Co CFO Jeremy Barnum said in the company’s earnings call.
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BANK
|
Q2 EPS
|
Expected EPS
|
Q2 Revenue
|
Expected Revenue
|
|
Goldman Sachs (NYSE:GS)
|
$20.98
|
$14.10
|
$20.34 billion
|
$16.05 billion
|
|
JPMorgan Chase & Co (NYSE:JPM)
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$6.14
|
$5.59
|
$50.02 billion
|
$49.39 billion
|
|
Citigroup Inc (NYSE:C)
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$3.15
|
$2.67
|
$24.77 billion
|
$23.47 billion
|
|
Wells Fargo & Co (NYSE:WFC)
|
$1.96
|
$1.71
|
$22.62 billion
|
$21.80 billion
|
|
Bank of America Corp (NYSE:BAC)
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$1.12
|
$1.11
|
$31.56 billion
|
$30.32 billion
|
Benzinga edge rankings indicate JPM has a Momentum score in the 65th percentile and Growth score in the 35th percentile.
Photo Courtesy: Sheila Fitzgerald on Shutterstock.com
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