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President Donald Trump introduced Friday he’s calling for a one-year cap limiting bank card rates of interest to 10%.
Trump blamed the Biden administration for permitting charges to rise as excessive as 20–30%, including that Individuals have been being “ripped off” by bank card corporations.
“Please learn that we’ll now not let the American Public be ‘ripped off’ by Credit score Card Corporations which might be charging Curiosity Charges of 20 to 30%, and much more, which festered unimpeded in the course of the Sleepy Joe Biden Administration,” Trump wrote on Reality Social.
“AFFORDABILITY! Efficient January 20, 2026, I, as President of the US, am calling for a one 12 months cap on Credit score Card Curiosity Charges of 10%.”
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President Donald Trump introduced Friday 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 cap 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 may cap bank card rates of interest at 10%, however the modifications would sundown on Jan. 1, 2031, making it 9 years longer than the proposal outlined by Trump.
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President Donald Trump introduced Friday he would search to rein in bank card rates of interest with a proposed one-year cap. (Jabin Botsford/The Washington Put up through Getty Photographs / Getty Photographs)
Earlier Friday, earlier than Trump introduced his plan, Sanders smeared Trump for failing to cap bank card rates of interest.
“Trump promised to cap bank card rates of interest at 10% and cease Wall Avenue from getting away with homicide,” Sanders wrote in an X submit. “As an alternative, he deregulated large banks charging as much as 30% curiosity on bank cards. The end result? Final 12 months, JPMorgan CEO Jamie Dimon made $770 million. Unacceptable.”
President Donald Trump known as for a one-year cap on bank card rates of interest, blaming excessive prices on the Biden administration. (Brent Lewin/Bloomberg through Getty Photographs / Getty Photographs)
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The White Home and Sanders’ workplace didn’t instantly reply to FOX Enterprise’s request for remark.
