Overview
- Trump’s Jan. 20 target for a one‑year 10% APR cap passed with no broad compliance, shifting the push toward Congress and voluntary products, according to recent coverage.
- Bank leaders and trade groups argue a 10% ceiling would sharply tighten underwriting and shrink lines, with industry estimates warning that roughly 175 million to 190 million cardholders could see access reduced.
- S. P. “Wije” Wijegoonaratna cautions that a temporary cap could spur heavier borrowing followed by a reset‑driven payment shock and tougher credit for younger, gig and thin‑file borrowers.
- Opinion writers cite past price‑control episodes, including the Durbin Amendment and 1980 credit controls, to argue caps risk shortages, higher fees and broader economic harm.
- The Credit Card Competition Act has re‑emerged as an alternative reform that Trump has endorsed on social media, while critics warn it could erode rewards and some lawmakers are reportedly seeking to attach it to must‑pass legislation.