White House Weighs Executive Action to Cap Credit Card Rates

The White House is weighing an executive action to enact President Donald Trump’s call for a cap on credit card interest rates, in addition to other measures seeking to ease US affordability challenges.

The plan, which is still being crafted as administration officials discuss the terms with industry and Congress, is designed to lower interest rates on credit cards as part of a broader push to reduce costs for Americans, according to people familiar with the matter. Trump’s action may also call on regulators to relax certain liquidity standards to help make the plan more attractive for the banks, said the people, who asked not to be identified citing private discussions.