Summary
President Donald Trump proposed a temporary cap on credit card interest rates to help reduce financial burdens on Americans. Banking leaders and experts warn that this move could limit access to credit for many people and may not be implemented due to the need for congressional approval and industry resistance.
Key Facts
- President Trump proposed capping credit card interest rates at 10% for one year.
- JPMorgan Chase CEO Jamie Dimon said this could lead to a significant reduction in credit availability for 80% of Americans.
- The plan is part of broader measures aimed at providing financial relief ahead of the 2026 midterm elections.
- Experts doubt the plan can be enacted without congressional approval.
- If implemented, banks might tighten lending rules or increase fees, impacting millions of Americans.
- Some banking associations agree with Trump's goal of making credit more affordable but believe the cap would reduce access to credit.
