Trump pushes a 1-year, 10% cap on credit card interest rates and banks balk

Group 1 - President Trump proposes a one-year, 10% cap on credit card interest rates, which could save Americans approximately $100 billion annually [1][4] - The average credit card interest rates currently range from 19.65% to 21.5%, near historical highs since the mid-1990s [5] - The credit card industry is expected to oppose the cap, despite the potential for continued profitability, as it may lead to reduced rewards and perks for consumers [4][6] Group 2 - The American Bankers Association and other banking groups argue that the cap could push consumers towards less regulated and more expensive alternatives [7] - The proposal has drawn immediate opposition from Wall Street and credit card companies, which have historically supported Trump's administration [2][6] - Senator Roger Marshall emphasizes that the initiative aims to lower costs for American families and address perceived greed within the credit card industry [8]