At Davos earlier this year, and two weeks after President Donald Trump first called for a 10% ceiling on credit card interest, Bloomberg TV asked Citadel's founder what he made of it. He focused on who would lose. "Those are people that literally start their business with their Visa card," Ken Griffin said of younger borrowers with weak credit scores, the group he argued would be the first to be cut off if the price of credit were capped by law.
On Jan. 9, 2026, Trump called for a one-year cap of 10% on credit card interest, to take effect on Jan. 20. Two bills already in Congress would make a cap last longer: S.381, sponsored by Sen. Bernie Sanders and Sen. Josh Hawley, and H.R.1944 in the House, sponsored by Rep. Alexandria Ocasio-Cortez with Rep. Anna Paulina Luna. At the end of January, PolitiFact rated the promise "Stalled," with neither bill out of committee. The Federal Reserve's G.19 release puts the average rate on card accounts that were actually charged interest at 22.15% in May 2026, the most recent reading, so a 10% ceiling would cut the price of carrying a balance by more than half.
