Sen. Elizabeth Warren says Congress could work with Trump to cap credit card rates

Sen. Elizabeth Warren said President Trump called her after she urged action on capping credit card interest and that Congress could pass a rate cap if he supports it; Mr. Trump recently proposed a one-year 10% cap.

Sen. Elizabeth Warren said Monday that Congress could work with President Trump to cap credit card interest rates. Mr. Trump recently proposed a one-year cap of 10 percent. Warren said the president called her after she delivered a speech criticizing his record on affordability and urging action. She also said they discussed housing costs and a Senate bill to expand housing supply that she says is stalled in the House. Key points: - Warren said Mr. Trump called her after her speech and that she told him Congress can pass legislation to cap credit card rates if he will fight for it. - Mr. Trump has proposed a 10% cap on credit card rates for one year. - A small number of Republicans have expressed support, but a Republican-controlled Congress could make passage difficult. - Banks and industry groups, including the American Bankers Association, oppose a 10% cap and say it could reduce credit availability. - Bank stocks dipped after Mr. Trump proposed the rate cap. Summary: The exchange highlights a rare moment of possible alignment between Warren and Mr. Trump on a consumer finance issue and also brought up housing concerns. Passage of a rate cap would require Congressional legislation and presidential backing and faces opposition from banks and a GOP-led House. Undetermined at this time.