UNITED STATES — President Trump has proposed setting a universal 10% interest rate cap and intends to request Congress to approve this limit for one year.
The proposed cap has raised concerns among some bank executives, who believe it could hinder economic growth.
Bank of America and Citigroup may soon offer new credit cards with lower interest rates, potentially capping rates at 10%
Meanwhile, analysts argue that credit card companies are very profitable and that there is potential for reducing interest rates.
President Trump’s proposal for a nationwide interest rate cap highlights broader concerns about consumer debt and the overall economy. He has stated that obtaining Congressional approval is essential for enacting this cap for one year.
Some bank executives express concern that the cap might restrict their capacity to invest and expand, highlighting a possible conflict between regulatory policies and market forces.
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