Treasury Secretary Endorses Trump's Credit Card Interest Plan

U.S. Treasury Secretary Scott Bessent on Thursday endorsed President Donald Trump's proposal to impose a temporary cap on credit card interest rates. Speaking at a Senate Banking Committee hearing, Bessent expressed full support for Trump's call to limit interest rates to 10% for one year.

Trump announced the interest rate cap last month, suggesting it commence on January 20. However, he has not yet provided concrete details regarding the plan's execution or the measures that will be taken to ensure credit card companies' compliance.

The proposed cap has raised questions about its practical implications and effectiveness, with observers waiting for clarity on the administration's plans to introduce and enforce this financial policy.