Kevin Hassett, director of the National Economic Council, addressed members of the media outside the White House in Washington, DC, on Friday, October 24, 2025. Hassett proposed that major U.S. banks could voluntarily offer credit cards to underserved Americans as a way to support President Donald Trump's affordability initiative.
Last week, President Trump recommended that banks cap credit card interest rates at 10%, an idea that was met with resistance from industry executives and lobbyists. Hassett, however, has put forward a different strategy targeting consumers who lack access to credit but have sufficient income to warrant 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 emphasized that this approach might not require legislative action, suggesting, "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."
The remarks hint at a possible shift by the administration away from sweeping card industry reforms that would be challenging to implement and could affect consumer spending and the broader economy.
This week, bankers reporting on fourth-quarter results mentioned that, rather than offering cards at the 10% interest rate that Trump advocated for by January 20, banks might instead choose to close many customers' accounts.
In response to whether banks would be mandated to adopt Trump's rate cap, a scenario likely needing new legislation, Hassett indicated that discussions had taken place with "CEOs of many of the big banks who think that the president's onto something." However, both a major credit card issuer and a bank lobbyist for leading lenders informed CNBC they had not yet engaged with the administration about the "Trump card" initiative.