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Trump is urging Congress to cap credit card interest rates at 10% for one year, citing the need to help Americans facing cost-of-living challenges. The banking sector warns that such a cap could limit credit access for many consumers.
President Trump proposed a one-year cap on credit card interest rates at 10%, claiming that current rates of 20-30% are unacceptable. However, he lacks the authority to enforce this change without congressional approval. Banks warn that such a cap could harm credit availability for consumers.