Trump Looks to Congress to Cap Credit Card Rates at 10%

Group 1 - President Trump proposed a one-year cap on credit card interest rates at 10%, aiming to help millions of Americans save for homes [1] - The financial industry is responding with concerns about the implementation and potential consequences of the proposed cap [2] - JPMorgan CEO Jamie Dimon warned that the cap could lead to an "economic disaster," suggesting it may cause lenders to withdraw credit lines [3] Group 2 - The proposal requires significant congressional support, with Senate Majority Leader John Thune indicating it could limit access to credit for many [5] - House Speaker Mike Johnson acknowledged the need for negotiation to address differences regarding the proposal [5] - Citigroup CEO Jane Fraser expressed skepticism about the likelihood of bipartisan support for the credit card cap in Congress [5]