Trump Finds a 'Working Class' Issue, Banks Find Their Back Pockets
The idea of capping credit card interest at 10 percent isn't new; it's a staple of populist campaigns, often raised and then quietly discarded. Historically, such proposals are met with a coordinated lobbying blitz. For example, during the Dodd-Frank debates, financial institutions spent hundreds of millions lobbying Congress to soften regulations. One might even recall how quickly proposals to
truly rein in predatory lending disappeared from legislative agendas once campaign coffers were sufficiently filled. So, while Trump 'announces' a cap, the real story unfolds in the quiet halls where financial industry PACs like the American Bankers Association (ABA) — which pumped over $5.4 million into federal campaigns in 2022-2024 alone — ensure such disruptions to their profit streams remain
theoretical. The 'pushback' cited isn't public outrage; it's the methodical deployment of financial influence, ensuring politicians rarely bite the hands that feed their campaigns. It leaves one to wonder: how many 'populist' measures conveniently wither when the donations bloom?