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.
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