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President Trump calls for 1-year cap limiting credit card interest rates to 10%
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President Donald Trump introduced Friday that he’s calling for a one-year cap, capping bank card rates of interest at 10%.
Trump blamed the Biden administration for permitting rate of interest hikes of as much as 20 to 30%, including that People have been being “ripped off” by bank card corporations.
“Please be aware that we’ll now not enable the American public to be ‘scammed’ by bank card corporations charging rates of interest of 20 to 30%, and much more, which have continued to proliferate unchecked in the course of the Sleepy Joe Biden administration,” Trump wrote. Truth Social. “AFFORDABILITY! Efficient January 20, 2026, as President of the US, I’m advocating for an annual cap on bank card rates of interest of 10%.”
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President Donald Trump introduced Friday that he’s calling for a one-year cap on bank card rates of interest. (iStock; Anna Moneymaker/Getty Photographs/Fox Information)
Trump famous that the restrict would coincide with the one-year anniversary of his return to the White Home.
Sen. Bernie Sanders, I-Vt., launched a invoice in February 2025 that will cap bank card rates of interest at 10%, however the adjustments would disappear on Jan. 1, 2031, making it 9 years longer than Trump’s proposal.
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President Donald Trump introduced Friday that he would attempt to rein in bank card rates of interest with a proposed one-year cap. (Jabin Botsford/The Washington Submit by way of Getty Photographs/Getty Photographs)
Earlier Friday, earlier than Trump introduced his plan, Sanders criticized Trump for failing to cap bank card rates of interest.
“Trump promised to cap curiosity on bank cards at 10% and cease Wall Road from getting away with homicide,” Sanders wrote in an X-post. “As a substitute, he deregulated large banks that charged as much as 30% curiosity on bank cards. The outcome? Final yr, JPMorgan CEO Jamie Dimon made $770 million. Unacceptable.”
President Donald Trump referred to as for a one-year cap on bank card rates of interest, blaming the Biden administration for the excessive prices. (Brent Lewin/Bloomberg by way of Getty Photographs/Getty Photographs)
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The White Home and Sanders’ workplace didn’t instantly reply to FOX Enterprise’ request for remark.