Credit Card Rate Cap: Banks in a Bind

U. S. banks are in a tough spot. President Trump recently suggested capping credit card interest rates at 10% for a year. This idea has sparked confusion and concern across the finance industry. The announcement came with no clear plan on how to enforce it. Banks are left wondering what to do next. Some experts say this would need new laws, which haven't passed before. Others think Trump might push banks to offer lower rates on their own.Banks have been talking to the government to get more details. But so far, there's no official rule to follow. This has left many banks preparing for different outcomes. Trump's move seems aimed at helping voters with living costs. But banks worry about how this could affect their profits. They might introduce new cards with lower rates but fewer perks. The situation is still unclear. Banks can't ignore Trump's words, but they also can't act without guidance. The coming days will show how this plays out.