U.S. President Trump receives calls from credit card companies, urging them to “give people a break” by capping credit card interest rates, as he doubles down on the proposal. Trump did not disclose specific details about the calls or companies involved.

Under pressure to address voters’ cost-of-living concerns, Trump previously called for a one-year cap on credit card interest rates at 10%, without providing implementation specifics. He reiterated this pledge in his 2024 election campaign and is seeking U.S. Congress approval for the move.

Banking industry bodies oppose the proposed interest rate cap, arguing it would restrict credit access for consumers. Wall Street analysts believe legislation for such a measure would face challenges in passing, with lawmakers divided on the issue.

Democratic Senator Elizabeth Warren advocates for a law to cap credit card interest rates, dismissing concerns by banking groups. Despite bipartisan interest in addressing high rates, there is uncertainty surrounding the likelihood of passing such legislation in Congress.

Trump’s Republican Party currently holds the majority in both the Senate and the House of Representatives. The issue of capping credit card interest rates continues to be a topic of contention among lawmakers and financial industry stakeholders.

Read more at Yahoo Finance: Trump says he has received calls from credit-card companies