Hedge fund billionaire Bill Ackman criticized President Trump’s proposal for a one-year cap on credit card interest rates, calling it a mistake that could lead to card cancellations affecting millions of consumers.

Trump announced a 10% cap on credit card interest rates on Truth Social, aiming to address affordability issues by targeting lenders charging high rates.

Ackman, CEO of Pershing Square Capital Management, acknowledged the importance of reducing credit card interest rates but expressed concerns over the 10% cap, suggesting a more competitive market through regulatory changes.

New York City mayor Zohran Mamdani focused on cost-of-living concerns during his campaign, winning in November. Business Insider has reached out to the White House for comment on the credit card interest rate issue.

Read more at Yahoo Finance: Bill Ackman responds to Trump’s call for a one-year 10% cap on credit card interest