"During an interview with CNBC's Joe Kernen in Davos on Wednesday, Trump acknowledged that his call for a 10% cap on credit card interest rates isn't a standard conservative policy. In fact, he joked that it's something that New York City Mayor Zohran Mamdani, a Democratic socialist, might have come up with. "I know it's sort of like... it sounds like the mayor of New York maybe came up with that," Trump said with a laugh."
"Following Mamdani's election in November, the two met in the Oval Office and appeared to share some common ground in remarks to the press afterwards. "I'm conservative, but I think I'm common sense, you know? People say, 'Are you a conservative?' I say, 'Yeah, but I'm a common-sense person.' I mean, I do things that aren't necessarily that conservative sometimes." Trump said he respected credit card companies but that consumers can't afford to pay high rates."
President Donald Trump proposed Congress pass a one-year cap of 10% on credit card interest rates, arguing consumers cannot afford rates as high as 28% and invoking concerns about usury. He acknowledged the proposal deviates from typical conservative policy and joked that New York City Mayor Zohran Mamdani might have suggested it. The two previously met in the Oval Office and appeared to find common ground. House Speaker Mike Johnson and many business leaders warned the cap could reduce lending or shrink available credit. Some progressives and at least one senator expressed support for the idea.
Read at Business Insider
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