Trump pushes a 1-year, 10% cap on credit card interest rates and banks balk
abcnews.go.com••business
Key Points:
- President Donald Trump has revived his campaign pledge to cap credit card interest rates at 10% for one year, aiming for implementation by January 20, 2021, potentially saving Americans around $100 billion annually in interest payments.
- The proposal faces immediate opposition from Wall Street and the credit card industry, which has been a significant donor to Trump's 2024 campaign, warning that such a cap could push consumers toward less regulated and more costly alternatives.
- Researchers indicate that while the credit card industry would experience financial impacts, it would remain profitable, though credit card rewards and perks might be reduced as a result of the cap.
- Legislative efforts supporting similar interest rate caps exist in both the House and Senate, with bipartisan backing from senators like Bernie Sanders
