Chris DiMaio

proposed the idea back on the campaign trail last year, but it drew pushback from banking groups who say government-controlled price controls would result in credit cards being given only to consumers with high incomes.

Average credit card interest rates surged to a record 24 percent in 2024.

Chris DiMaio, Fox News.

The president is calling for a 10% one-year cap on credit card rates.

He wants the cap to begin later this month.

He proposed the idea back on the campaign trail last year, but it drew pushback from banking groups who say government-controlled price controls would result in credit cards being given only to consumers with high incomes.

Average credit card interest rates surged to a record 24% in 2024.

Chris DiMaio, Fox News.