{"id":2343559,"date":"2024-09-19T17:32:01","date_gmt":"2024-09-19T21:32:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-advisor-warns-trump-credit-card-proposal-could-have-consequences-washington-examiner\/"},"modified":"2024-09-19T17:34:26","modified_gmt":"2024-09-19T21:34:26","slug":"biden-advisor-warns-trump-credit-card-proposal-could-have-consequences-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-advisor-warns-trump-credit-card-proposal-could-have-consequences-washington-examiner\/","title":{"rendered":"Biden advisor warns Trump credit card proposal could have consequences- Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-advisor-warns-trump-credit-card-proposal-could-have-consequences-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2343559&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>An adviser to President Joe Biden, Jared Bernstein,\u2063 has expressed concerns regarding former President Donald Trump&#8217;s proposal to temporarily\u2062 cap <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-card-interest-rates-reach-all-time-high\/\" title=\"Credit Card Interest Rates Reach All-Time High\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-card-debt-jumps-to-two-decade-high-as-u-s-economy-tumbles\/\" title=\"Credit Card Debt Jumps to Two-Decade High as U.S. Economy Tumbles\">credit card interest<\/a> rates<\/a> at\u2062 10%.\u200c Bernstein, who chairs the U.S. Council \u2063of \u2062Economic Advisers,\u2063 emphasized the need for careful consideration of such policies, warning about <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-surgeon-general-calls-on-big-tech-to-impose-consequences-for-violating-platform-policies-proactively-provide-info-from-credible-so\/\" title=\"Biden Surgeon General Calls On Big Tech To Impose \u2018Consequences\u2019 For Violating \u2018Platform Policies,\u2019 \u2018Proactively\u2019 Provide Info From \u2018Credible Sources\u2019 To Fight \u2018Health Misinformation\u2019\">potential unintended consequences<\/a>. He noted that while the proposal might\u2062 seem beneficial,\u2064 it could unintentionally limit access to credit for those\u200b who need it, as lenders may become more selective \u2064in their offerings. Bernstein reiterated the Biden administration&#8217;s commitment to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-republicans-enter-house-speaker-race-after-rep-jordan-stalls-out\/\" title=\"Additional Republicans join House Speaker race as Rep. Jordan&#039;s progress slows.\">addressing economic issues<\/a>, highlighting \u2063their efforts to reduce credit card fees and\u2064 improve \u2063consumer protections ahead of the upcoming election against Trump \u200band\u2063 Vice President Kamala Harris.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Trump credit card proposal could have &lsquo;unintended consequences&rsquo;: Biden adviser<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1764554\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>An adviser to President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title>Joe Biden<\/a> expressed caution about former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title>Donald Trump<\/a>&lsquo;s proposal to put a temporary cap of about 10% on <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/credit-cards\/\" target=\"_blank\" rel=\"noopener\" title>credit card<\/a> interest rates.<\/p>\n<div class=\"article-paywall\">\n<p>For Jared Bernstein, chairman of the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/council-of-economic-advisers\/\" target=\"_blank\" rel=\"noopener\" title>U.S. Council of Economic Advisers<\/a>, economists &ldquo;have to be careful with things that people throw out there without a lot of thought or consideration.&rdquo;<\/p>\n<p>&ldquo;You have to think about what kind of impact that might have,&rdquo; Bernstein told the <em>Washington Examiner<\/em> on Thursday. &ldquo;There&rsquo;s risk factors that go into that kind of a policy that might make it harder for a lot of people who need credit to be able to get it because companies won&rsquo;t sell it to them. So I think you have to be careful about unintended consequences.&rdquo;<\/p>\n<p>Bernstein, who has advised Biden since he was <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hunter-biden-defector-emails-pipeline-to-obama-admin-seen-as-currency\/\" title=\"Hunter Biden Defector Emails: &#039;Pipeline&#039; to Obama Admin Seen as &#039;Currency&#039;\">vice president<\/a>, then underscored the president&rsquo;s economic record as the economy becomes a critical matter to the election between Trump and Vice President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/kamala-harris\/\" target=\"_blank\" rel=\"noopener\" title>Kamala Harris<\/a>.<\/p>\n<p>&ldquo;This administration has taken a very forward-looking and very, I think, pretty deep run at many of these issues, helping to lower credit card fees, helping to make one of the, I think, most effective <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/cfpb\/\" target=\"_blank\" rel=\"noopener\" title>Consumer Financial Protection Bureaus<\/a>, something that the Trump administration consistently tried to shut down and gut,&rdquo; he said. &ldquo;So when it comes to protecting consumers, this administration, I think, has a track record that isn&rsquo;t just about throwing off ideas that may or may not be about valuable.&rdquo;<\/p>\n<p>Trump made the proposal during a rally in Uniondale, New York, on Wednesday but did not provide any specifics concerning the policy.<\/p>\n<p>&ldquo;While working Americans catch up, we&rsquo;re going to put a temporary cap on credit card interest rates,&rdquo; Trump said. &ldquo;We&rsquo;re going to cap it at around 10%. We can&rsquo;t let them make 25 and 30%.&rdquo;<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Such a proposal would require congressional approval, and the requisite legislation is unlikely to pass <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/congress\/\" target=\"_blank\" rel=\"noopener\" title>Congress<\/a>, particularly given opposition from banks, which earn approximately $120 billion&nbsp;in credit card interest and fees&nbsp;every year.<\/p>\n<p>Trump&rsquo;s first term was relatively bank-friendly and anti-regulation, with experts downplaying the prospect of the proposal becoming law.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1764554\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1764554\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Biden adviser has raised concerns about former President Donald Trump&#8217;s suggestion to temporarily limit credit card interest rates to around 10%. Jared Bernstein, who chairs the U.S. Council of Economic Advisers, emphasized the need for caution regarding proposals that may not have been thoroughly considered. He warned that such a policy could lead to unintended consequences, potentially making it more difficult for individuals in need of credit to access it, as companies might become reluctant to offer credit under those conditions. Bernstein highlighted the Biden administration&#8217;s proactive approach in addressing economic issues and consumer protection, contrasting it with Trump&#8217;s previous attempts to undermine consumer financial safeguards. Trump announced his proposal during a rally in Uniondale, New York, stating that while working Americans recover financially, he aims to cap credit card interest rates at approximately 10%, arguing against excessively high rates of 25% or 30%. However, this proposal would require congressional approval and faces significant opposition from banks that generate substantial revenue from credit card fees and interest. Experts are skeptical about the likelihood of this proposal becoming law given its regulatory implications and past banking policies during Trump&#8217;s first term<\/p>\n","protected":false},"author":2652,"featured_media":2343560,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/Trump_Teamsters_gg1.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[3620,41258,41260,41259,3634],"class_list":["post-2343559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-biden","tag-credit-card","tag-economic-consequences","tag-financial-policy","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/Trump_Teamsters_gg1.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2343559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2652"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2343559"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2343559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2343560"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2343559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2343559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2343559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}