Overview
- The president said on Truth Social he will impose a one-year 10% ceiling on credit-card rates effective Jan. 20, 2026.
- Reporters and legal analysts note the president lacks authority to set rates unilaterally and that new legislation would be required.
- The White House offered no implementation details, leaving enforcement mechanisms and scope unclear.
- Multiple U.S. banking associations warned the cap could shrink credit and push borrowers to costlier, less-regulated lenders, and Bill Ackman called the move a mistake.
- Senator Elizabeth Warren said the pledge is meaningless without a law from Congress and criticized efforts to weaken the CFPB.