Trump calls for Congress to enact 10% credit card interest rate cap; bank stocks rise
U.S. President Donald Trump attends the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2026.
Denis Balibouse | Reuters
President Donald Trump on Wednesday urged U.S. lawmakers to pass legislation to limit credit card rates to 10%, following a social media post this month ordering banks to set that cap.
“I’m asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for a home,” Trump said from the World Economic Forum in Davos, Switzerland.
Shares of banks climbed after the comments. Analysts including Sanjay Sakhrani of KBW have said its unlikely that a card bill will have enough bipartisan support to become law.
The KBW Bank index climbed 1.9% in morning trading.
This story is developing. Please check back for updates.
