Trump Claims Credit Card Companies Breaking 10% Interest Cap Would Violate Law Despite No Such Law Existing

President Trump announced via Truth Social on January 10, 2026, that he wants a one-year cap on credit card interest rates at 10%, effective January 20, 2026. When asked by reporters on January 11 what would happen if companies didn't comply, Trump stated they would be "in violation of the law." This claim is demonstrably false, as no such law exists and Trump provided no clarity on whether he would pursue executive action or legislation. The proposal, which revives a campaign pledge, drew immediate opposition from the banking industry despite potentially saving consumers billions. Trump's statement falsely implies legal authority he does not possess to unilaterally impose such a cap, representing a mischaracterization of presidential powers and the legislative process.

"They would be in violation of the law" — Response to reporters asking what would happen if credit card companies didn't comply with his proposed 10% interest rate cap by January 20, 2026