Feb. 19, 2026 — Donald Trump, at Davos in January, proposed putting a 10 % cap on the interest rates that banks can charge on credit cards, a position favored by many Democrats, including progressives like Bernie Sanders. Is it possible that this is an issue where his rhetoric about helping the little guy might be warranted by his actions, unlike with most of his policies?
So-called usury laws have a long history. Each of the three major monotheistic religions has restrictions on usury. In 1641, the Massachusetts Bay Colony set the maximum legal interest rate that could be charged on a loan at 8%. Moreover, populist politicians like attacking heartless banks. Most US states already have ceilings on the credit card interest rate. (The Trump proposal is to tighten that limit, at the federal level.)