Trump Calls for One-Year Cap on Credit Card Rates at 10%

Group 1 - President Trump proposed a one-year cap on credit card interest rates at 10%, effective January 20, aiming to address high rates that currently range from 20% to 30% [1] - The proposal is part of the Trump administration's efforts to show voters that it is tackling cost concerns ahead of the November midterm elections [2] - Senator Bernie Sanders criticized Trump's past deregulation of banks, suggesting that capping interest rates could lead to negative consequences for consumers [3] Group 2 - Banking trade groups warned that capping interest rates at 10% could force consumers to seek alternative financing options, potentially leading to reliance on unregulated lenders [4] - The Bank Policy Institute indicated that while the cap aims to alleviate debt burdens, it could restrict access to credit cards and reduce cardholder benefits [5] - Senator Josh Hawley expressed support for Trump's proposal, indicating a political backing for the initiative [5]