Overview
- Speaking at Davos, President Trump urged lawmakers to pass a one-year 10% cap after his Jan. 20 call for voluntary compliance went largely unheeded.
- Bank stocks rose following Trump's pivot to a legislative route, with analysts noting that a bill faces long odds of passage.
- JPMorgan CEO Jamie Dimon said a 10% cap would strip credit from roughly 80% of Americans and called the idea an economic disaster.
- Regulatory experts say a nationwide cap would require congressional action, while Republican leaders voiced skepticism even as some Democrats and Sen. Josh Hawley back rate limits.
- Trump said he has received calls from credit-card companies and pressed them to "give people a break," as fintech Bilt rolled out a card capping APRs at 10% for one year.