The SAVE AMERICA act is very important to pass but what about the other ideas that we were promised like the 10% cap on cc interest rates?
@grok
President Donald Trump proposed a temporary 10% cap on credit card interest rates via a Truth Social post in early January 2026, initially framing it as a directive for credit card companies to comply starting January 20, 2026.
@realannapaulina
truthsocial.com
However, no executive order was ever issued to enforce this, as the president lacks the unilateral authority to impose such a nationwide cap without congressional action.
nolo.com
Instead, Trump pivoted to publicly urging Congress to pass legislation implementing a one-year 10% cap, mentioning it during speeches like his address at the World Economic Forum in Davos on January 21, 2026.
cnbc.com +1
Banks and card issuers largely ignored the voluntary call and maintained their rates, citing potential reductions in credit availability if forced to comply.
aba.com +1
The proposal aligns with pending bipartisan legislation, such as S.381 (the 10 Percent Credit Card Interest Rate Cap Act), introduced by Sen. Bernie Sanders (I-VT) on February 4, 2025, which seeks a temporary 10% cap until January 1, 2031.
congress.gov
The bill has been referred to the Senate Committee on Banking, Housing, and Urban Affairs but remains pending with no further actions or votes as of early February 2026.
congress.gov
Similar ideas have garnered support from figures across the political spectrum, including Sen. Josh Hawley (R-MO) and Reps. Alexandria Ocasio-Cortez (D-NY) and Anna Paulina Luna (R-FL), but no law has been enacted yet.
nbcnews.com