Trump Urges Congress to Cap Credit Card Interest Rates at 10%
President Trump calls for a 10% cap on credit card interest rates for one year, citing cost-of-living concerns. The proposal faces opposition and uncertain prospects.
Insights:
In a bid to address rising cost-of-living concerns among voters, President donald trumpannounced on January 21, 2026, during a CNBC interview, that he has received calls from credit card companies. He reiterated his proposal to cap credit card interest rates at 10% for a year, urging Congress to approve the measure. The proposal, which was part of his 2024 election campaign promises, is seen as a strategic move to gain voter support ahead of the 2026 congressional elections.
Despite the backing of the Republican Party, which holds a majority in both the Senate and the House of Representatives, the proposal faces significant challenges. Banking industry bodies have expressed strong opposition, arguing that such a cap would limit credit access for consumers. Wall Street analysts have also weighed in, stating that the measure would require legislation and has poor odds of passing, given the divided stance of lawmakers across party lines.
