Credit Card Rate Cap: Banks Brace for Trump's Bold Move

Banks are in a tough spot right now. President Trump has suggested capping credit card interest rates at 10% for a year. This idea has caused quite a stir in the finance world. Banks are trying to figure out what to do next. The problem is, there's no clear plan on how this cap would work. The White House hasn't given any details. Some experts say it can't be done without new laws. Others think Trump might use executive powers. Either way, banks are left guessing.Trump's idea has made bank stocks drop. Some banks are worried that a rate cap could make it harder for people to get credit. But others think banks might create new cards with lower rates and fewer perks. Banks have fought against rate caps before. They say it's not good for business. But now, they're talking to the government to understand what's expected of them. It's a big deal, and everyone is waiting to see what happens next. Trump's move seems to be about helping people with living costs. But banks are worried about their profits. They're trying to find a balance between what the government wants and what's good for their business.