Overview
- Trump said he wants the cap to begin Jan. 20, 2026, the first anniversary of his return to office, but he offered no details on how companies would be required to comply.
- Banking trade groups issued a joint statement opposing a 10% ceiling, warning it would reduce credit availability and push borrowers toward costlier, less regulated lenders.
- Major issuers including American Express, Capital One, JPMorgan, Citigroup and Bank of America did not immediately comment on the call.
- Lawmakers showed mixed reactions, with Sen. Josh Hawley praising the idea and Sen. Roger Marshall saying he will work on a bill as bipartisan proposals from Sens. Bernie Sanders and Hawley and Reps. Alexandria Ocasio-Cortez and Anna Paulina Luna gain renewed attention.
- Researchers estimate a 10% cap could save consumers about $100 billion a year in interest but could lead to tighter underwriting and fewer rewards for cardholders.