'This is a mistake President': Bill Ackman responds to Trump's call for a one-year 10% cap on credit card interest

Core Viewpoint - Bill Ackman criticized President Trump's proposal for a temporary 10% cap on credit card interest rates, labeling it a "mistake" that could result in millions of credit card cancellations [1][5]. Group 1: Ackman's Concerns - Ackman stated that without sufficient interest rates to cover losses and provide returns, credit card lenders would be forced to cancel cards for many consumers, pushing them towards predatory lending options [2]. - He emphasized that while the goal of reducing credit card interest rates is commendable, the specific cap proposed is problematic [3]. Group 2: Trump's Proposal - President Trump announced a plan to impose a one-year cap on credit card interest rates at 10%, targeting lenders that currently charge rates between 20% and 30% [2][5]. - The implementation of such a cap would likely require Congressional approval, and it remains uncertain how the President could enact this without legislative support [2]. Group 3: Market Dynamics - Ackman noted that the credit card market is highly competitive, suggesting that enhancing competition through regulatory changes could be a more effective way to lower interest rates [4].