U.S. Treasury Secretary Besent Proposes 10% Cap on Credit Card Interest Rates

U.S. Treasury Secretary Besent has proposed setting a 10% cap on credit card interest rates for one year. According to Jin10, this measure aims to assist Americans in recovering from the effects of past inflation. The proposal is part of a broader strategy to provide financial relief and stability to consumers who have been impacted by rising costs. By limiting interest rates, the initiative seeks to ease the financial burden on households and stimulate economic recovery.