In theory, it would present a huge opportunity for consumers to rid themselves of crippling debt, especially those who can least afford high interest rates.
But such a cap would undoubtedly require an act of Congress, where various bills, including bipartisan ones, have long languished. So I would be surprised if it happens.
It wasn’t the first time the president floated the idea of a credit-card interest cap. He did it while campaigning in 2024. But since taking office for a second term, Trump, in the words of Senator Elizabeth Warren, has not “lifted a finger” to make it happen.
Trump, after all, seems preoccupied with other matters, at home and abroad.
Besides, I can’t imagine an industry as powerful as banking, with its legions…