Trump Suggests His Late-Night Truth Social Post Capping Credit Card Rates Is ‘the Law’

President Donald Trump suggested over the weekend that his late-night social media demands carry the force of law, even though no legislation has been passed to back them up.

As criticism grows that the billionaire president is out of touch with Americans struggling with high prices and a weak job market, Trump has shifted his rhetoric on affordability and is now attempting to present himself as a defender of working-class consumers.

On Friday, Trump used his Truth Social platform to demand that credit card companies cap interest rates for one year beginning January 20, 2026.

“We will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote, blaming the problem on the Biden administration. He called for a one-year cap of 10% on credit card interest rates, declaring, “AFFORDABILITY!”

Two days later, when asked aboard Air Force One what would happen if credit card companies ignored the demand, Trump appeared to believe his post had already become law.

“Well, then they’re in violation of the law. Very severe things,” Trump told reporters.

When pressed on whether Congress had passed such a law, Trump acknowledged that no legislation exists.

“No, I want a cap on credit card interest rates,” he said, adding that many Americans don’t realize they are paying rates as high as 30%.

Trump did not explain how companies could be violating a law that has not been enacted. The White House did not immediately respond to requests for clarification.

Efforts to cap credit card interest rates have been attempted by lawmakers from both parties in recent years, but have repeatedly stalled amid fierce opposition from the banking industry. According to WalletHub, average credit card interest rates surged above 20% in late 2022.

Banking industry groups swiftly pushed back on Trump’s proposal, warning that a 10% cap would restrict access to credit.

“While we share the goal of helping Americans access more affordable credit, evidence shows that a 10% interest rate cap would be devastating for millions of American families and small business owners,” the Consumer Bankers Association and other groups said in a joint statement.

Markets reacted negatively following Trump’s remarks. On Monday, shares of major U.S. banks fell in premarket trading, with JPMorgan Chase down 3.2% and Bank of America falling 2.5%, according to the BBC.

Credit card companies also took losses, with American Express dropping 4%, Visa down 1.2%, and Mastercard falling 2%.

The episode highlights growing uncertainty around Trump’s economic messaging — and renewed questions over where presidential authority ends and congressional lawmaking begins.

Donald Trump – Truth Social

Joseph Johnson

They say not everyone has the gift of gab to be able to talk about politics in the correct light - but Joseph is the perfect mix between a healthy critic, and a realist cynic. His unique personality works wonders at political discussions which are bound to cause a stir. He is an intellectual with many years of experience in the field, and his work is a reflection of his dedication to making political scenarios common knowledge among the citizens of the nation.