- President Donald Trump said that he was calling for a 10% cap on credit card interest for one year.
- The President cannot unilaterally cap credit interest rates; it would require an act of Congress.
- This week, Trump has also announced proposals to address the affordability of housing.
President Donald Trump has taken another shot at big business, this time targeting banks.
On Friday, Trump said on Truth Social that he would call for a 10% cap on credit card interest for one year.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration,” Trump wrote in his social media post.
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” he added. “Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration.”
The White House did not immediately respond to a request for comment from Business Insider. The president cannot unilaterally impose such a cap; it would require an act of Congress to advance. Similar efforts that have been advanced in Congress have yet to become law.
The announcement, made on Truth Social, is the latest in a series of swipes at big business this week.
Earlier this week, he announced that he is instructing “representatives” to buy $200 billion in mortgage bonds, aiming to lower interest rates and monthly payments. He also said he was barring “large institutional investors” from buying up single-family homes and signed an executive order that would limit defense contractors’ corporate spending.
This is a developing story. Please check back for updates.
