Trump calls for a one-year 10% cap on credit card interest in a Truth Social post

Core Viewpoint - President Trump has proposed a one-year cap on credit card interest rates at 10%, targeting high rates charged by credit card companies, which he claims have reached 20-30% during the Biden administration [1][2]. Group 1: Proposal Details - The proposed cap on credit card interest rates is set to take effect on January 20, 2026, coinciding with the one-year anniversary of Trump's administration [2]. - The implementation of this cap would require an act of Congress, as the president cannot impose it unilaterally [2]. Group 2: Political Context - Trump's announcement follows criticism from Senator Bernie Sanders, who highlighted Trump's previous deregulation of banks that allowed high-interest rates and pointed out the significant earnings of JPMorgan CEO Jamie Dimon [3]. - The Trump administration previously reduced funding for the Consumer Financial Protection Bureau, which is responsible for consumer protection in financial markets [3]. Group 3: Broader Business Strategy - This announcement is part of a broader strategy by Trump to challenge big businesses, including plans to purchase $200 billion in mortgage bonds to lower interest rates and restrict large institutional investors from buying single-family homes [4].