President Donald Trump has taken another shot at big business, targeting banks this time.
On Friday, Trump said on Truth Social that he would call for a 10% cap on credit card interest for one year.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration,” Trump wrote.
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” he added. “Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very 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; it would require an act of Congress. Similar efforts that have been advanced in Congress have yet to become law.
When contacted by Business Insider, representatives for Chase and Citi pointed to a joint statement from the Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Financial Services Forum, and Independent Community Bankers of America. The statement said that the trade organizations “share the President’s goal of helping Americans access more affordable credit.”
“At the same time, evidence shows that a 10% interest rate cap would reduce credit availability 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 read. “If enacted, this cap would only drive consumers toward less regulated, more costly alternatives.”
Trump’s announcement came hours after Sen. Bernie Sanders posted a jab against the president on X for not yet having introduced a proposal to cap credit card interest — a pledge Trump made during his 2024 reelection campaign.
“Trump promised to cap credit card interest rates at 10% and stop Wall Street from getting away with murder. Instead, he deregulated big banks 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 few months of his second term, the Trump administration slashed funding for the Consumer Financial Protection Bureau, the government agency responsible for protecting consumers by ensuring that financial markets are fair and competitive.
Trump’s announcement, made on Truth Social, is the latest in a series of swipes at big business the president has made this week.
Earlier this week, he said that he is instructing “representatives” to buy $200 billion in mortgage bonds, aiming to lower interest rates and monthly payments. He also said he was barring “large institutional investors” from buying up single-family homes and signed an executive order that would limit defense contractors’ corporate spending.
