Sen. Warren says Trump called her to work on credit card interest rate caps

Sen. Warren says Trump called her to work on credit card interest rate caps

Published Wed, Jan 14 2026

11:13 AM EST

Updated 36 Min Ago

Key Points

• Sen. Elizabeth Warren, D-Mass., told CNBC that President Donald Trump reached out on Monday to discuss capping interest rates on credit cards.
• The president called Warren, the Senate Banking Committee ranking member, after she made a speech on how Democrats can win the 2026 midterm elections.
• Republicans on Capitol Hill have lightly thrown cold water on the plan to cap credit card interest.

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Sen. Warren on Trump phone call, credit card rate cap and tackling affordability

President Donald Trump called Sen. Elizabeth Warren, D-Mass., on Monday to work together on capping interest rates on credit cards.

"He said he wanted to work on that, I said, 'Great, let's get something done,'"  Warren, the Senate Banking Committee ranking member, said on Wednesday in an interview on CNBC's "Squawk Box."

Trump called Warren after she gave a speech at the National Press Club, where she laid out a strategy for Democrats to win back majorities in the House and Senate in the 2026 midterms. Warren has been a frequent target of Trump's ire over the years.

"My point was ... he had not lifted a finger to try to get something through on credit card interest rate caps," Warren said.

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Trump last week proposed capping credit card interest at 10% in a Truth Social post.

Republicans on Capitol Hill so far have distanced themselves from Trump's credit card interest cap proposal, warning that it could limit credit availability for Americans.

"You gotta be very careful if you go forward in that, in our zeal to bring down costs, you don't want to have negative secondary effects of that," House Speaker Mike Johnson said on Tuesday during a press conference. "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.

"It's something that we've got to be very deliberate about," Johnson said.

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