President Donald Trump is calling for a one-year cap on credit card interest rates at 10%, claiming that current rates of 20% to 30% are unfair to consumers. He announced this proposal on Truth Social, linking its start date, January 20, 2026, to the anniversary of his administration's achievements. However, Trump's ability to implement such a cap is limited; it requires congressional approval, which has eluded similar past proposals. Responses from major banks like Chase and Citi highlight concerns about the feasibility of the cap. A joint statement from several banking associations argues that a 10% interest rate cap could limit credit availability and push consumers toward less regulated financial options. They assert that this would ultimately harm the very consumers Trump aims to assist. Trump's announcement comes amid broader proposals aimed at addressing housing affordability and limiting corporate influence in the market. Just prior, he pledged to buy $200 billion in mortgage bonds to lower interest rates and announced measures to restrict large investors from purchasing single-family homes. His focus on financial institutions aligns with recent criticisms from figures like Senator Bernie Sanders, who has pointed out a perceived failure in Trump's past deregulation policies that have benefited banks.