Trump Proposes One-Year 10% Cap on Credit Card Interest Rates
TL;DR Summary
President Trump announced plans to temporarily cap credit card interest rates, but the legal authority for such a move is uncertain without congressional approval. Legislation proposing a 10% cap has been introduced in Congress, and the move is part of broader populist economic measures aimed at addressing high living costs. The average credit card rate is currently 22.3%, significantly higher than in 2013.
Topics:top-news#business#consumer-financial-protection-bureau#credit-card-rates#interest-rates#legislation#trump
- Trump says he will temporarily cap credit card rates Politico
- Trump Calls for 10 Percent Credit Card Interest Cap, After Killing Other Fee Limits The New York Times
- Trump calls for one year cap on credit card interest rates at 10% Reuters
- Trump Calls for 10% Cap on Credit-Card Interest Rates The Wall Street Journal
- Trump urges credit card companies to slash interest rates to 10% for one year cbsnews.com
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