Kevin Hassett, Director of the National Economic Council, addressed the media outside the White House in Washington, DC, on Friday, Oct. 24, 2025, presenting a potential initiative to support President Donald Trump's affordability agenda. Hassett proposed that major U.S. banks could choose to offer credit cards to underserved Americans, focusing particularly on individuals who currently lack credit access despite having sufficient income to justify such credit lines.
Last week, President Trump advocated for a cap on credit card interest rates at 10%, a proposal that faced considerable opposition from industry executives and lobbyists. In light of this, Hassett is suggesting an alternative plan targeting consumers who are eligible for credit but do not have financial leverage.
Hassett explained to Fox Business host Maria Bartiromo, "They could potentially voluntarily provide for people who are in that sort of sweet spot of not having financial leverage very much because they don't have access to credit, but they have enough income and stability in their lives so they're worthy of credit." He added, "Our expectation is that it won't necessarily require legislation, because there will be really great new 'Trump cards' presented for folks that are voluntarily provided by the banks."
These remarks suggest that the administration may be scaling back its push for broad industry changes, which would be challenging to implement and could affect consumer spending and the economy. During discussions on fourth-quarter results, bankers indicated that instead of offering cards with a 10% interest rate as suggested by Trump, they might opt to simply close many customers' accounts.
Hassett's comments were a response to inquiries about whether banks would need to adhere to the proposed rate cap, a move potentially requiring new legislation. "The administration has been talking with CEOs of many of the big banks who think that the president's onto something," Hassett mentioned.
A major credit card issuer and a bank lobbyist representing prominent lenders informed CNBC that they have not engaged in discussions with the administration about the 'Trump card' initiative.