Kevin Hassett pivots to possible 'Trump cards' amid credit card battle
CNBC • • business
Key Points:
- White House economic advisor Kevin Hassett suggested that large U.S. banks might voluntarily offer credit cards to underserved Americans who have sufficient income but lack credit access, as part of President Trump's affordability initiative.
- This proposal follows Trump's earlier call for banks to cap credit card interest rates at 10%, a measure widely rejected by industry leaders and lobbyists.
- Hassett indicated the new plan may not require legislation and could focus on a targeted group of consumers deemed creditworthy but currently without credit access.
- Bankers have expressed resistance to the 10% interest rate cap, with some stating they would close many customers' accounts rather than comply with such a mandate.
- Despite discussions with some bank CEOs, major credit card issuers and
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