Explore the latest developments concerning Trump calls for.
President Donald Trump on Friday called for a one-year, 10% cap on credit card interest rates, saying the American public is being “ripped off†in a Truth Social post.
Trump called for the cap to come into effect on January 20, the one-year anniversary of his return to the White House. But he did not specify how a cap might happen, including whether he was calling for voluntary participation from credit card companies or looking for government mechanisms to enforce his proposal.
In his post, Trump cited “AFFORDABILITY!†as a rationale for the temporary cap, which he also proposed on the campaign trail in September 2024.
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Financial influencer Taylor Price joins 'Fox & Friends Weekend' to discuss President Donald Trump’s proposed cap on credit card interest rates and how it could impact young adults’ debt and access to credit.
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Critics express doubt president can implement such a move without approval from Congress
Donald Trump announced a one-year cap that would limit credit card interest rates to 10% this week, in a move that has prompted mixed reaction from lawmakers and beyond.
The president’s social media post on Friday night said the restriction would take effect on 20 January, but he did not provide specifics on how the government would implement it or ensure that companies comply.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration,” Trump wrote in a Truth Social post.
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