Trump Proposes 10% Credit Card Interest Cap Amid Economic and Industry Concerns

President Donald Trump has proposed capping credit card interest rates at 10 percent to address cost-of-living concerns, urging Congress to approve the measure. JPMorgan Chase CEO Jamie Dimon warned this cap could restrict credit access for 80 percent of Americans and cause broader economic harm. While consumer advocates see potential savings for borrowers, banking leaders and industry groups argue the cap could reduce credit availability and harm small businesses. The White House has not detailed enforcement plans, and legislative support remains uncertain.