Trump calls for a one-year 10% cap on credit card interest
U.S. President Donald Trump has proposed a temporary cap of 10% on credit card interest rates, saying lenders have taken advantage of consumers, though it remains unclear how such a measure could be enforced without congressional action, Qazinform News Agency correspondent reports.
President Donald Trump said he wants to impose a one-year cap on credit card interest rates at 10%, arguing that credit card companies have “abused the public.” Speaking to reporters aboard Air Force One on Monday, Trump said he would not allow current practices to continue.
Credit card interest rates have climbed sharply in recent years. According to the Federal Reserve, the average rate stood at 22.3% in November 2025, compared with 13.9% about a decade earlier. Higher delinquency levels and elevated benchmark interest rates have contributed to the increase. Although the Federal Reserve cut rates three times last year, its policy rate remains in the 3.5-3.75% range, which influences consumer lending costs.
Trump said he wants the proposed cap to take effect on Jan. 20, marking the anniversary of his second-term inauguration, and suggested that credit card issuers would be violating the law if they failed to comply. He did not specify whether he would pursue legislation, issue an executive order, or take another approach, and it is unclear whether the president has the authority to impose such a cap without Congress.
A bipartisan bill introduced last year by Senators Bernie Sanders of Vermont and Josh Hawley of Missouri proposed a temporary 10% cap on credit card interest rates but has not advanced, despite similar discussions in the House. After Trump’s remarks, Sanders criticized the lack of action, while Senator Elizabeth Warren said she would support legislation if pursued, as debate continues over the administration’s efforts to scale back the Consumer Financial Protection Bureau, which is now facing a court ruling requiring continued funding amid a staffing dispute.
Bank stocks fell on Monday after Trump’s comments. Banking industry groups said they support affordable credit but warned that a strict cap could have unintended consequences. The Bank Policy Institute said such a move could reduce access to credit for consumers and small businesses, potentially pushing borrowers toward less regulated and more expensive alternatives.
Earlier, Qazinform News Agency reported that Donald Trump published an image on his social media platform Truth Social, in which he refers to himself as the “acting president of Venezuela.”