Trump Urges Banks to Set Credit Card Rate Cap to Circumvent Fed Rate Cut
Donald Trump has called for a 10% cap on credit card interest rates for one year, starting January 20, framing it as a move to protect consumers from high rates ahead of midterm elections (, ). The proposal, which he may enact via executive order, is seen as an attempt to bypass the Federal Reserve and achieve a de facto rate cut (, , ). The move has caused volatility in financial stocks, with banking industry groups warning it would destroy risk-pricing models and cut off credit for millions (, , ). In response to the pressure, some major banks like Bank of America and Citigroup are reportedly exploring new 10% APR card products ().
01/30/2026 19:51