White House Proposes 'Trump Cards' to Cap Credit Card Interest Rates
The White House is discussing with major banks the voluntary issuance of 'Trump cards' featuring a 10% interest rate cap, following President Trump's call for more affordable credit options.
The White House is in discussions with major banks to voluntarily issue 'Trump cards' that would cap credit card interest rates at 10%, according to National Economic Council Director Kevin Hassett. This initiative follows President Donald Trump's recent call for a one-year cap on credit card interest rates to address affordability concerns.
Hassett stated that the administration has been engaging with CEOs of major banks who support the president's proposal. He expressed optimism that the plan could be implemented without new legislation, as banks may voluntarily offer these 'Trump cards' to consumers.
The proposal aims to provide more affordable credit options to consumers, particularly those underserved by current financial products. However, some industry experts have raised concerns that such interest rate caps could lead to reduced access to credit for higher-risk borrowers.
The administration's discussions with banks are ongoing, and further details on the implementation of the 'Trump cards' are expected in the coming weeks.
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