The US Administration announced plans to issue an executive order imposing a temporary 10% cap on credit card interest rates.
„We will no longer let the American Public be „ripped off” by Credit Card Companies that are charging interest raste of 20 to 30%, and even more. (…) Effective January 20, 2026, I, as president of the United States, am calling for a one year can on credit card interest rates of 10%.” – said the president of the president, Donald Trump.
In response, several banking advocacy groups—including the Consumer Bankers Association, the Bank Policy Institute, and the American Bankers Association – said in a joint statement that 10% interest rate cap would reduce credit availability:
“We share the President’s goal of helping Americans access more affordable credit. At the same time, evidence shows that a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help. If enacted, this cap would only drive consumers toward less regulated, more costly alternatives. We look forward to working with the administration to ensure Americans have access to the credit they need.”
U.S. Senator Elizabeth Warren, a Democrat in the Senate Banking Committee, said Trump’s call was meaningless without a bill being passed by Congress.
“Begging credit card companies to play nice is a joke. I said a year ago if Trump was serious, I’d work to pass a bill to cap rates,” Warren said, while criticizing Trump’s attempts to gut the U.S. Consumer Financial Protection Bureau.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
