Trump Calls for 10% Cap on Credit Card Interest & Golden Globes Welcome Podcasts
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What is the main topic discussed in this episode?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, credit card companies come under presidential pressure to lower interest rates.
Then a podcast got recognized at the Golden Globes, and it's about time. It's Monday, January 12th. Let's ride.
Last night, as you were scrolling through Golden Globe red carpet photos and NFL playoff highlights, you might have seen someone else's face pop up on social media, Jerome Powell. In a stunning video message, the Federal Reserve Chair said that the DOJ is conducting a criminal investigation related to his congressional testimony about the central bank's renovation to its headquarters. In stark terms, Powell argued that this investigation had nothing to do with construction overruns and everything to do with political intimidation around his interest rate decisions. He said the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public rather than following the preferences of the president.
Powell framed the investigation in existential terms, claiming that the future of the central bank's independence is at stake. Toby, never seen Powell go gloves off like this.
influencer Jay Powell going direct to the American people. What was the immediate reaction to this spat? In the markets, gold started ripping because of fear that the legal action undermines the independence and credibility of the Fed. That's been a consistent theme over the last few months. We also had senators weighing in. One name to know here is Senator Tom Tillis. He sits on the committee that votes on nominees for the Fed, and yesterday posted on X that he will oppose the confirmation of of any nominee for the Fed, including the upcoming Fed chair vacancy, until this legal matter is fully resolved. So he is promising to stonewall any vote, which he can't do because the committee right now is split 13 to 11 between Republicans and Democrats, so his vote makes or breaks a deadlock.
This fight is just kicking off, though, and you can bet we will continue to monitor the situation
and keep you updated. And now a word from our sponsor, Indeed. Toby, where does a person find talent that can fuel growth?
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What is Trump's proposal for a 10% cap on credit card interest rates?
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So far in 2026, President Trump's economic proposals are looking straight out of the Bernie Sanders playbook. In his most recent populist big government intervention, the president demanded on Friday that credit card companies cap interest rates at 10% for a year, effective January 20th to relieve financial burdens on American families. Trump wrote, we will no longer let the American public be ripped off by credit card companies that are charging interest rates of 20 to 30%.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–3:14
2
What is Trump's proposal for a 10% cap on credit card interest rates?
3:14–22:40
3
How are banks reacting to Trump's interest rate cap proposal?
22:40–23:24
4
What impact could a 10% interest rate cap have on credit availability?
23:24–25:15
Speakers
3 identifiedMore from Morning Brew Daily
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