Trump Proposes Ten Percent Credit Card Interest Rate Cap for One Year and Seeks Approval from Congress
President Donald Trump proposed a 10 percent credit card interest rate cap for one year on Wednesday. The move sparked pushback from several major bank CEOs.
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Donald Trump donald trumpproposed a mandatory 10 percent cap on credit card interest rates for a one-year period during a speech at the World Economic Forum in Davos on Wednesday, January 21, 2026. This announcement, which the president requested the United States 
USCongress to approve through legislation, represents a direct intervention into the financial sector to address consumer cost-of-living concerns. Donald Trumpnoted that surging credit card debt has become one of the primary barriers for Americans attempting to save for down payments on homes.
USCongress to approve through legislation, represents a direct intervention into the financial sector to address consumer cost-of-living concerns. Donald Trumpnoted that surging credit card debt has become one of the primary barriers for Americans attempting to save for down payments on homes.The proposal immediately triggered a sharp reaction from Wall Street leaders. Jamie Dimon jamie dimon, the CEO of JPMorgan Chase & Co. , described the plan as an "economic disaster" during his own remarks at the forum. Jamie Dimonargued that such a cap would force banks to restrict access to credit, effectively removing it for 80 percent of Americans. While Jamie Dimondid not provide a detailed explanation, he suggested that the policy should first be tested in Vermont and Massachusetts for one year before any national implementation.
