Trump calls on Congress to enact 10% credit card interest rate cap during speech

WASHINGTON (TNND) — President Donald Trump on Wednesday called on Congress to pass legislation that would limit credit card rates to 10% during his speech at the World Economic Forum in Davos, Switzerland.

“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,” he said.

The president called the high interest rates usury.

“They charge Americans interest rates of 28%, 30%, 31%, 32%,” Trump said, according to CNBC News. “Whatever happened to usury?”

Earlier this month, Trump announced on TRUTH Social that he would no longer be letting the American public be ripped off by credit card companies.

“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” he wrote in a TRUTH Social post on Jan. 9.

Following this announcement from Trump, Missouri GOP Sen. Josh Hawley showed his support.

“President Trump is right: working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon,” Hawley said in a press release.

“It’s not just wrong, it’s exploitative. And it needs to end. Congress should pass my bipartisan bill to cap these rates and deliver relief right away.”

Vermont Independent Sen. Bernie Sanders introduced legislation last year supporting capping credit card interest rates.