US EditionWhite House Weighs Executive Action to Cap Credit Card Rates, Bloomberg News Reports
The White House aims to lower credit card interest rates with a possible 10% cap for one year to help reduce costs for consumers, administration officials said.
- Late last week, the White House weighed an executive action to implement President Donald Trump's call for a one-year, 10 per cent cap on credit-card rates before the Jan 20 deadline.
- Administration officials say they are negotiating terms with big banks including JPMorgan Chase, Citigroup and Bank of America and Congress while discussing blocking stock buybacks for publicly traded homebuilders.
- Industry groups and lobbyists spent the week preparing as JPMorgan Chase, Citigroup and Bank of America opposed the 10 per cent cap, while Bilt unveiled three new cards with that rate.
- With the Jan 20 deadline looming, Karoline Leavitt, Press Secretary, said companies are expected to lower rates as a 'demand' from Trump, while officials suggested bank regulators might ease liquidity standards.
- One legal option is invoking the interstate commerce clause, while consumer advocates warned a 10 per cent cap could strand borrowers; Mr Trump will detail this at Davos next week.
25 Articles
25 Articles
Trump launches reckless war on credit cards
Bank-bashing is one of America’s oldest and most cherished traditions, and President Donald Trump is grabbing hold of it with both hands. He recently called left-wing Sen. Elizabeth Warren (D-MA) to discuss his embrace of her proposal — with fellow socialists Sen. Bernie Sanders (I-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) — to cap credit card interest at an annual rate of 10%. A day later, Trump endorsed Sen. Dick Durbin’s (D-IL) longtime ho…
Tulsa World
Trump deadline looms for credit card rates cap
NEW YORK — A week after President Donald Trump told the credit card industry it had until Jan. 20 to comply with his demand for a 10% cap on interest rates, consumer groups, politicians and bankers alike remained unclear on…
Ticker: As Trump’s deadline for a cap on credit card rates looms, banks have only questions and no answers
President Trump has demanded a 10% cap on credit card interest rates by January 20. Consumer groups, politicians, and bankers remain unclear about the White House’s plans. The White House has not detailed consequences for non-compliance. “I don’t have a specific consequence to outline for you but certainly this is an expectation and frankly a demand that the president has made,” White House Press Secretary Karoline Leavitt said. Researchers esti…
As Trump's deadline for a cap on credit card rates looms, banks have only questions and no answers - The Morning Sun
NEW YORK (AP) — President Donald Trump a week ago told the credit card industry it had until Jan. 20 to comply with his demand for a 10% cap on interest rates. With just days to go, consumer groups, politicians, and bankers alike remain unclear on what the White House has planned and whether Trump even remains serious about the idea. So far, the White House has not provided any detail about what will happen to credit card companies that don’t lo…
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