NEW YORK (AP) — President Donald Trump says he wants a one-year, 10% cap on credit card interest rates.
It’s an idea that revives a campaign pledge and could save Americans tens of billions of dollars. But it’s drawing immediate opposition from an industry that’s been in his corner. Trump wasn’t clear in a social media post Friday night whether a cap might take effect through executive action or legislation. One Republican senator said he had spoken with the president and would work on a bill with Trump’s “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.
Average interest rates now range from 19.65% to 21.5%.
