President Donald Trump called Sen. Elizabeth Warren, D-Massachusetts, on Monday and urged her to work together on capping credit card interest rates.
“He said he wanted to work on it and I said, ‘Great, let’s do something,'” Warren, the ranking member of the Senate Banking Committee, said in an interview Wednesday on CNBC’s “Squawk Box.”
President Trump called Warren after she spoke at the National Press Club and laid out a strategy for Democrats to regain control of the House and Senate in the 2026 midterm elections. Warren has long been a target of President Trump’s ire.
“What I’m saying is…he had no intention of doing anything about capping credit card interest rates,” Warren said.
President Trump proposed capping credit card interest rates at 10% in a post on Truth Social last week.
Republicans on Capitol Hill have so far distanced themselves from President Trump’s proposal to cap credit card interest rates, warning that the proposal could limit the credit available to Americans.
“If we’re going to move forward with this effort with enthusiasm to reduce costs, we have to be very careful because we don’t want to have any negative fallout from that,” House Speaker Mike Johnson said at a news conference Tuesday. “The problem is, if we did that, credit card companies would stop lending money, potentially limiting the amount people could borrow to a very low amount.”
“This is something we have to consider very carefully,” Johnson said.
