Jan 21, 2026 - Politics & Policy

Trump asks Congress to cap credit card interest rates

April Rubin

Trump, wearing a blue suit, white shirt and red tie, speaks into a microphone against a blue backdrop that reads "World Economic Forum." — President Trump delivers an address during the World Economic Forum (WEF) annual meeting in Davos on Jan. 21. Photo: Mandel Ngan/AFP via Getty Images

President Trump called on Congress to cap credit card interest rates at 10% for one year, he said Wednesday during a speech in Davos at the World Economic Forum.

Why it matters: House Speaker Mike Johnson was hesitant about Trump's initial pitch, while economists and bankers warned about downsides overshadowing any positives.

Context: Financial stocks dropped after Trump first proposed the cap earlier this month. Meanwhile, Johnson signaled Congress was unlikely to act on it.

An interest rate cap might help consumers who carry balances, but it would bludgeon bank earnings, Axios' Nathan Bomey previously reported.
"In our zeal to bring down costs, you don't want to have negative secondary effects," Johnson told reporters earlier this month.

Driving the news: Trump on Wednesday connected the housing affordability crisis — another focus of his speech — to credit card debt.

"One of the biggest barriers to saving for a down payment has been surging credit card debt," Trump said.
The president said he'd also call on Congress to ban large institutional investors from buying single-family homes.

Go deeper:

Add Axios on Google

Trump asks Congress to cap credit card interest rates

What to read next