President Donald Trump has launched a new attack on big business, this time targeting banks.
On Friday, Trump said on Truth Social that he would call for a 10% cap on credit card interest for one year.
“Please be advised that we will no longer allow the American public to be ‘ripped off’ by credit card companies charging interest rates of 20-30% and even higher, which have festered unhindered under the sleepy Joe Biden administration,” Trump wrote.
“Beginning January 20, 2026, as President of the United States, I am calling for a one-year cap on credit card interest rates of 10%,” he added. “Coincidentally, January 20 will coincide with the first anniversary of the historic and highly successful Trump administration.”
The White House did not immediately respond to a request for comment from Business Insider. The president cannot unilaterally impose such a cap; this would require an act of Congress. Similar efforts that have been advanced in Congress have yet to pass.
Contacted by Business Insider, representatives from Chase and Citi pointed to a joint statement from the Bank Policy Institute, the American Bankers Association, the Consumer Bankers Association, the Financial Services Forum and the Independent Community Bankers of America. The statement said the trade organizations “share the President’s goal of helping Americans access more affordable credit.”
“At the same time, evidence shows that a 10 percent interest rate cap would reduce the availability of credit and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help,” the joint statement said. “If passed, this cap will only encourage consumers to turn to less regulated and more expensive alternatives.”
Trump’s announcement came hours after Sen. Bernie Sanders posted an attack on the president on
“Trump promised to cap credit card interest rates at 10% and stop Wall Street from committing murder. Instead, he deregulated big banks by charging up to 30% interest on credit cards,” Sanders wrote. “The result? Last year, JPMorgan CEO Jamie Dimon made $770 million. Unacceptable.”
In the first months of his second term, the Trump administration cut funding for the Consumer Financial Protection Bureau, the government agency charged with protecting consumers by ensuring financial markets are fair and competitive.
Trump’s announcement, made on Truth Social, is the latest in a series of blows the president has taken against big business this week.
Earlier this week, he said he was instructing “representatives” to buy $200 billion in mortgage bonds, with the goal of reducing interest rates and monthly payments. He also said he was banning “large institutional investors” from purchasing single-family homes and signed an executive order that would limit corporate spending by defense firms.
