Trump Requires a One-12 months 10% Cap on Credit score Card Curiosity

President Donald Trump has taken one other shot at large enterprise, concentrating on banks this time.

On Friday, Trump stated on Reality Social that he would name for a ten% cap on bank card curiosity for one yr.

“Please be told that we’ll now not let the American Public be ‘ripped off’ by Credit score Card Corporations which can be charging Curiosity Charges of 20 to 30%, and much more, which festered unimpeded through the Sleepy Joe Biden Administration,” Trump wrote.

“Efficient January 20, 2026, I, as President of the US, am calling for a one yr cap on Credit score Card Curiosity Charges of 10%,” he added. “Coincidentally, the January twentieth date will coincide with the one yr anniversary of the historic and really profitable Trump Administration.”

The White Home didn’t instantly reply to a request for remark from Enterprise Insider. The president can’t unilaterally impose such a cap; it will require an act of Congress. Related efforts which have been superior in Congress have but to develop into regulation.

Trump’s announcement got here hours after Sen. Bernie Sanders posted a jab in opposition to the president on X for not but having launched a proposal to cap bank card curiosity — a pledge Trump made throughout his 2024 reelection marketing campaign.

“Trump promised to cap bank card rates of interest at 10% and cease Wall Road from getting away with homicide. As an alternative, he deregulated large banks charging as much as 30% curiosity on bank cards,” Sanders wrote. “The consequence? Final yr, JPMorgan CEO Jamie Dimon made $770 million. Unacceptable.”

Within the first few months of his second time period, the Trump administration slashed funding for the Shopper Monetary Safety Bureau, the federal government company answerable for defending shoppers by making certain that monetary markets are truthful and aggressive.

Trump’s announcement, made on Reality Social, is the newest in a sequence of swipes at large enterprise the president has made this week.

Earlier this week, he stated that he’s instructing “representatives” to purchase $200 billion in mortgage bonds, aiming to decrease rates of interest and month-to-month funds. He additionally stated he was barring “massive institutional traders” from shopping for up single-family properties and signed an govt order that will restrict protection contractors’ company spending.