Trump seeks one-year, 10% cap on credit card interest rates.

President Trump announced he wants a one-year, 10% cap on U.S. credit card interest rates, and banking groups immediately opposed the proposal.

President Donald Trump announced he wants a one-year cap of 10 percent on U.S. credit card interest rates. He did not specify whether the cap would come by executive action or legislation, and a Republican senator said he would work on a bill with the president's support. Researchers estimate such a cap could save Americans about US$100 billion a year, while banking groups said they oppose the proposal. Key facts: - Trump announced the 10% cap on his social platform and said he hoped it would be in place Jan. 20, one year after he took office. - Researchers who studied the idea estimated roughly US$100 billion in annual interest savings if the cap were enacted. - The banking industry issued a joint statement opposing the cap and warned it could push consumers toward less-regulated alternatives. - It is not clear whether the administration will use executive action; a senator said he would pursue legislation and similar bills exist in Congress. Summary: If enacted, analysts say the cap would reduce interest paid by many cardholders and could change bank offerings. Undetermined at this time.