Bill Ackman Slams Trump's 10% Credit Card Interest Cap as 'Mistake'

• US President Donald Trump proposed a one-year 10% cap on credit card interest rates starting January 20, 2026, via Truth Social.
• Trump stated the cap aims to prevent the American public from being 'ripped off' by credit card companies, fulfilling a 2024 campaign pledge.
• Hedge fund manager Bill Ackman, a Trump supporter, criticized the plan, warning it would lead to card cancellations and force consumers to loan sharks.
• Major banking groups, including the Consumer Bankers Association and American Bankers Association, also warned the cap would harm consumers.
• This proposal follows other Trump administration efforts regarding credit card rules, including a failed attempt to overturn a Biden-era late fee regulation.

Why It Matters: Trump's proposed 10% credit card interest cap draws strong criticism from financial leaders and banking groups.