President Trump announced a one-year cap on credit card interest rates at 10% starting January 20, without providing details on enforcement. This pledge was made during his 2024 election campaign and has yet to become law despite some legislative efforts in Congress. Democratic lawmakers have criticized Trump for not fulfilling this promise.

Trump took to Truth Social to declare the cap in an effort to prevent Americans from being taken advantage of by credit card companies. The White House did not provide further details on how the cap would be enforced, but confirmed the president’s decision. Major U.S. banks and credit card issuers have not yet responded to requests for comment on the announcement.

Read more at Yahoo Finance: Trump calls for one year cap on credit card interest rates at 10%