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Trump Backs Credit Card Reform Amid Banking Opposition

1/27/2026

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Summary

Story summary

U.S. President Donald Trump backs a one-year 10% cap on credit card interest rates and supports the Credit Card Competition Act (S. 3623).
The act, backed by Senators Roger Marshall and Dick Durbin, would reduce the fees banks charge retailers.
Analysts say the bill has a better chance of passage than the cap.
Banking groups oppose it.
The Senate Agriculture Committee will review a modified version of the bill soon.

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Story summary

U.S. President Donald Trump backs a one-year 10% cap on credit card interest rates and supports the Credit Card Competition Act (S. 3623).
The act, backed by Senators Roger Marshall and Dick Durbin, would reduce the fees banks charge retailers.
Analysts say the bill has a better chance of passage than the cap.
Banking groups oppose it.
The Senate Agriculture Committee will review a modified version of the bill soon.