Trump calls for 10% cap, but legislation hasn’t gone anywhere

In early 2026, President Donald Trump talked up a 10% cap on credit card interest rates, but legislation to make it a reality has not advanced in Congress.

On Jan. 10, a White House X post included an image of Trump's Truth Social post from the previous day that said in part, "Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%."

Trump discussed the policy with reporters on Air Force One on Jan. 11. The following day, the top Democrat on the Senate Banking, Housing and Urban Affairs Committee — Elizabeth Warren of Massachusetts — said she and Trump had talked about the prospects for legislation. 

However, bills to enact a 10% cap haven't made it to committee consideration, much less a floor vote. Nor have they won many cosponsors, even after Trump's public push.

House legislation sponsored by Rep. Alexandria Ocasio-Cortez, D-N.Y., has attracted just one cosponsor, Rep. Anna Paulina Luna, R-Fla. Companion legislation in the Senate has four sponsors or cosponsors: Sens. Bernie Sanders, I-Vt.; Josh Hawley, R-Mo.; Kirsten Gillibrand, D-N.Y.; and Jeff Merkley, D-Ore.

A presidential executive order requiring a 10% cap would be unlikely to carry legal weight, experts told PolitiFact. Executive orders are directives that manage operations of the federal government; they are typically not tailored to private-sector companies such as credit card issuers. 

"I think it's obvious there can be no violation of law unless and until there is an actual law," said Ilya Somin, a George Mason University law professor. The exception would be if a previous Congress had empowered the president to set credit card rates, which none have.

Trump has championed the issue one year into his second term, but he is no closer to getting legislation through either chamber of Congress. We rate this promise Stalled.