On Friday, October 24, 2025, Kevin Hassett, director of the National Economic Council, addressed the media outside the White House in Washington, DC. White House economic advisor Hassett proposed that large U.S. banks could voluntarily offer credit cards to underserved Americans as part of President Donald Trump's strategy to enhance affordability.
A week prior, President Trump suggested that banks should cap credit card interest rates at 10%, a proposal that met with strong opposition from industry leaders and lobbyists. In light of this resistance, Hassett, who heads the National Economic Council, introduced an alternative approach. This new proposal targets consumers without credit access but possessing adequate income to qualify for credit lines.
"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," Hassett explained during an interview with Fox Business host Maria Bartiromo.
He further expressed that the plan might not necessitate new legislation, given the prospect of 'Trump cards' being voluntarily offered by banks to suitable consumers. These comments suggest a shift in the administration's strategy away from broad credit card industry reforms, which might be challenging to implement and could negatively impact consumer spending and the economy.
Bank executives discussing their fourth-quarter results indicated that instead of offering credit at a 10% rate, as proposed to occur by January 20, they might resort to closing customer accounts. Hassett's remarks addressed whether banks would be coerced into complying with Trump's interest rate cap, which would likely require legislative action.
According to Hassett, discussions have been ongoing with "CEOs of many of the big banks who think that the president's onto something." However, a major credit card issuer and a bank lobbyist informed CNBC that they have not yet engaged in talks with the administration about the 'Trump card' initiative.