US EditionCredit card interest rate cap would be welcome news for many Utahns
President Trump’s proposal aims to lower credit card interest rates from an average of 23% to 10%, potentially easing debt burdens for millions, including Utah families.
- On January 9, President Donald Trump reannounced plans to cap credit-card interest at 10% and urged U.S. Congress to enact a one-year cap at the World Economic Forum in Davos.
- Rising consumer costs—about $120 billion annually—have prompted efforts, with Colorado's 2023 law mirroring a 10% cap supported by lawmakers like Sen. Elizabeth Warren, Sen. Bernie Sanders, and Rep. Alexandria Ocasio-Cortez.
- The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation argued in December that Colorado's interest-cap law would harm banks and reduce credit, while the KBW Bank index rose 1.9%.
- Critics note that regulatory interventions — including the FDIC's withdrawal of prior support and agency rollbacks — contradict Trump's promise to cap credit card interest rates, as his administration intervened against state caps last week.
- Analysts including Sanjay Sakhrani of KBW say a federal card bill lacks bipartisan support, while states like Oregon weigh similar laws and the 1978 U.S. Supreme Court ruling shapes enforcement.
22 Articles
22 Articles
New Hampshire Union Leader
arcamax.comTrump looks to Congress to cap credit card rates at 10%
President Donald Trump said he would ask Congress to implement his proposal to cap credit card interest rates at 10% for one year, a policy that’s drawn pushback from some of the biggest banks and card issuers.
Trump says his call for a 10% credit card cap sounds like Zohran Mamdani's idea
Trump said it "sounds like the mayor of New York maybe came up with that," referring to his call for a 10% cap on credit card interest rates.Demetrius Freeman/The Washington Post via Getty ImagesTrump wants a 10% cap on credit card interest rates. So do many progressives.Trump acknowledged that strange political alignment in a CNBC interview in Davos.He said the idea "sounds like the mayor of New York maybe came up with that."President Donald Tr…
JPMorgan Chase Executive Director Jamie Dimon warned that President Donald Trump's proposal to cap interest rates on credit cards would cause an economic disaster in the United States, forcing banks to withdraw credit lines for most Americans. Earlier this month, Trump called for a one-year limit of 10 percent on credit card rates and set the deadline for January 20. The president said his proposal is part of a broader push to reduce the costs f…
JPMorgan CEO shares dire warning about Trump's 10% credit card cap: 'Economic disaster'
JPMorgan Chase CEO Jamie Dimon on Wednesday warned that President Trump’s 10% credit card cap would force banks to yank credit lines for most Americans – hammering the economy.
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