Trump Pushes for Credit Card Interest Rate Cap: A Political Move?

President Donald Trump has proposed capping credit card interest rates amid calls from the industry. With congressional elections looming, Trump aims to address cost-of-living concerns by urging a 10% cap, but faces opposition from banking bodies and legislative challenges, despite some bipartisan interest.

In a bold political maneuver, U.S. President Donald Trump announced on Wednesday his proposal to cap credit card interest rates at 10%, responding to voter concerns over living costs ahead of the upcoming congressional elections.

Trump claimed he received calls from credit-card companies who, despite lucrative profits, should 'give people a break.' However, he did not disclose specific companies or executives involved.

Despite pushback from the banking industry, which argues a cap could restrict consumer credit access, and skepticism from Wall Street analysts about legislative success, Trump's proposal has garnered some bipartisan interest, notably from Democratic Senator Elizabeth Warren.

(With inputs from agencies.)