Trump Proposes One-Year 10% Cap on Credit Card Interest Rates

Bill Ackman criticized President Trump's proposal for a one-year 10% cap on credit card interest rates, warning it could lead to widespread credit card cancellations and push consumers toward higher-cost loans. Ackman acknowledged the goal of reducing rates is important but argued that making the market more competitive and fostering new entrants would be a better approach. The proposal would require congressional approval, and its implementation remains uncertain.