The chief executive of the largest U.S. bank, JPMorgan Chase, jested Wednesday that a 10% cap on credit card interest rates could be tested in Massachusetts and Vermont to see what happens.
Earlier this month, President Donald Trump called for a one-year cap of 10% on credit card interest rates, to take effect Jan. 20, but nothing came of the suggestion after banking trade groups dismissed the idea.
On Wednesday, Trump renewed his call for Congress to act on a 10% cap, speaking from the World Economic Forum in Switzerland. “They charge Americans interest rates of 28%, 30%, 31%, 32%. Whatever happened to usury?” Trump said.
“I’m asking Congress to cap credit card interest rates at 10% for one year, and this will help millions of Americans save for a home.”