From Washington Examiner: White House National Economic Council Director Kevin Hassett said on Friday that the Trump administration is in talks with major banks about voluntarily issuing “Trump cards” that have a 10% interest cap.
The proposal follows President Donald Trump’s recent call for a one-year cap on credit card interest rates at 10%, a measure aimed at addressing affordability concerns.
While Trump previously said companies failing to meet this cap by Jan. 20 would be “in violation of the law,” the path to implementing such a regulation is unclear.
Hassett, a leading contender for the Federal Reserve chairmanship, indicated in a Fox Business interview that instead of relying on legislation, the administration is in discussions with major banks to voluntarily launch “Trump cards” that carry the 10% interest cap.
The cards would allow banks to offer lower rates voluntarily, and would be offered to people in an economic “sweet spot”: Having stable incomes and underserved by traditional credit markets, Hassett said.
Kevin Hassett on Trump’s 10% cap on credit card interest rates: “Our expectations is that it won’t necessarily require legislation because there will be great new Trump Cards provided voluntarily by the banks.” pic.twitter.com/IPqK0T5o1I
— Aaron Rupar (@atrupar) January 16, 2026
Read more at Wshington Examiner
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