Scaramucci Links Trump’s ‘Hard-Left’ Credit-Card Fee Cap to Texting with Mayor Mamdani
In a provocative analysis of the current political scene, former White House Communications Director Anthony Scaramucci contends that President Donald Trump has entered a state of “full nihilism,” citing a recent plan to limit credit-card interest rates to 10%. Speaking on his podcast, Scaramucci described the proposal as a “hard-left populist” action that resonates more with democratic socialists than with conventional Republican principles.
Scaramucci implied the policy change is so extreme it seems as if Trump is “texting back and forth with Mayor Mamdani,” alluding to reports that Trump and the newly elected democratic socialist mayor of New York City, Zohran Mamdani, have been exchanging texts since a White House meeting in November.
By advocating for a 10% ceiling on bank and credit card interest rates, the founder of a fund-of-funds asserted Trump is embracing a tactic usually promoted by figures such as Elizabeth Warren or Bernie Sanders.
“This is a hard-left populist thing to do,” he stated, while also noting Trump does not have the sole power to enact such a measure. He clarified that implementing this cap would need approval from Congress and would have to overcome the intricate regulatory obstacles presented by the Senate Banking Committee.
What the interest-rate fracas is all about
Since 2022, credit card interest rates have soared, reaching a record high in August 2024. Several factors are responsible; the Federal Reserve’s post-pandemic effort to raise interest rates to fight inflation increased the Federal Funds Rate, which influences most credit card rates. However, Trump and other critics have primarily faulted credit card companies’ own avarice for tacking on additional charges beyond the Federal Funds Rate.
In 2024, the disparity between average credit card interest rates and the rates companies were charging was the widest ever recorded. This enabled major credit card issuers to earn returns on assets that were six times greater or more than their other banking operations.
At the same time, data continues to show American consumers are facing increasing financial pressure. Last April, a survey found 11% of Americans made only the minimum payment on their credit card bill. Consumer debt delinquency rose in early 2025, with the first quarter seeing the highest level of late payments since the pandemic.
This stance aligns Trump with more Mamdani-like politicians. Yet, the proposed cap finds support from lawmakers on both sides. Senators Bernie Sanders and Josh Hawley (R-Mo.) introduced legislation last year to cap credit card interest at 10% for a five-year period. Sen. Elizabeth Warren (D-Mass.) confirmed Trump called her about the idea this week.
However, the proposal faces strong opposition from the banking industry, which has been vigorously arguing in the media that the cap would lead to tighter credit standards, resulting in fewer people qualifying for credit cards.
“An artificial cap on credit card interest rates is likely to backfire on the White House by making credit less accessible to the cash-strapped households that most need it,” Columbia Business School economics professor Brett House told the press.
Trump, however, has demonstrated little reluctance in adopting populist policies that disquiet the business sector. His second term has been characterized by market interventions that frequently unsettle corporate America.
Also appearing with Scaramucci was veteran Republican strategist Stuart Stevens, a former campaign advisor to Mitt Romney, who contended the interest rate proposal signals a broader identity crisis within the Republican Party. Stevens claimed there is effectively “no conservative party in America today,” observing the GOP has swapped ideological conviction for a set of “marketing slogans.”
Stevens found it “darkly hysterical” that the Republican Party so vehemently opposes Mamdani’s rise while Trump’s own policies appear more traditionally socialist, initially through certain economic measures and now with the interest rate cap proposal.
“Your socialism is not as good as our socialism,” Stevens remarked, underscoring what he perceives as a contradictory turn toward interventionist big-government policies.