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President Donald Trump is weighing an executive action to cap credit card interest rates as Congress remains stuck. The 10% credit card plan sits inside a broader affordability agenda. That agenda includes blocking institutional investors from buying single‑family homes and allowing savers to tap 401(k) plans for home down payments. Timing remains uncertain, but Trump said more details will come when he speaks at the World Economic Forum in Davos next week. National Economic Council Director Kevin Hassett said on Fox Business that talks with major banks are active. “They think that the president’s on to something,” Kevin said during the interview. At the same time, housing policy is also under review. Officials are discussing whether to block stock buybacks by publicly traded homebuilders. Bill Pulte, head of the Federal Housing Finance Agency, raised the idea earlier this week in an interview with the Wall Street Journal. No decisions have been finalized. White House officials say discussions are still moving. The administration did not respond to requests for comment as talks continued behind closed doors. Late last week, Trump called for a one‑year 10% cap on credit card rates and set January 20 as the deadline. His team has also met with homebuilders to discuss affordability. Financial firms spent days trying to figure out how the order would work. Industry trade groups began planning responses and warned the cap could hit lower‑income borrowers and disrupt lending. Pressure increased when Press Secretary Karoline Leavitt spoke on Thursday. She said companies are expected to lower rates by the deadline. She called it a “demand” from Trump. Banks push back as consumers and lobbyists weigh outcomes The issue dominated earnings calls at major banks this week. JPMorgan Chase, Citigroup, and Bank of America all raised concerns. Executives said they lack enough detail to…

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Filed under: News - @ January 17, 2026 5:15 am