Trump calls for one-year cap on credit card interest rates at 10%
CNBC••business
Key Points:
- President Donald Trump announced a plan to cap credit card interest rates at 10% for one year starting January 20, 2026, but did not provide details on implementation or enforcement.
- The proposal requires congressional approval, and while lawmakers from both parties have expressed concern about high rates, no specific legislation has been passed yet.
- Senator Elizabeth Warren criticized Trump's announcement as ineffective without a supporting bill and highlighted his past attempts to weaken the Consumer Financial Protection Bureau.
- Banking industry groups warned that a 10% cap could limit credit availability and push consumers toward more expensive, less regulated credit options.
- The White House and major credit card issuers have not provided detailed responses or comments regarding Trump's proposal.
