'This is a mistake President': Bill Ackman responds to Trump's call for a one-year 10% cap on credit card interest

• Bill Ackman said President Donald Trump's telephone for a one-year headdress connected recognition paper involvement was a "mistake."

• The hedge money billionaire said a complaint headdress could pb to millions having recognition cards canceled.

• Trump connected Friday called for a 10% headdress connected recognition paper involvement for 1 year.

Bill Ackman did not mince words erstwhile giving his sentiment of President Donald Trump's telephone for a impermanent headdress connected recognition paper rates.

In a since-deleted X post, the hedge money billionaire said precocious connected Friday that Trump's telephone for a 10% headdress connected recognition paper involvement for 1 twelvemonth was a "mistake" that could pb to millions having their cards canceled.

"This is simply a mistake President," Ackman wrote. "Without being capable to complaint rates capable adequate to screen losses and to gain an capable instrumentality connected equity, recognition paper lenders volition cancel cards for millions of consumers who volition person to crook to indebtedness sharks for recognition astatine rates higher than and connected presumption inferior to what they antecedently paid."

Trump had taken to Truth Social earlier connected Friday successful a caller effort to code the blistery governmental contented of "affordability," saying his medication intended to people lenders charging involvement rates of "20 to 30%."

"Please beryllium informed that we volition nary longer fto the American Public beryllium 'ripped off,'" helium said. "Effective January 20, 2026, I, arsenic President of the United States, americium calling for a 1 twelvemonth headdress connected Credit Card Interest Rates of 10%."

Such a headdress would apt necessitate authorization by Congress. It is unclear what moves the president could marque to bypass this.

In a caller station connected Saturday, Ackman, the CEO of Pershing Square Capital Management, said Trump's "goal of reducing recognition paper involvement rates" was a "worthy and important one," but helium reiterated his concerns implicit a 10% cap.

"I person nary investments successful the recognition paper abstraction truthful I americium not the expert, but the marketplace for recognition cards appears highly competitive," Ackman continued. "The champion mode to bring down rates would beryllium to marque it much competitory by making the regulatory authorities much conducive to caller entrants and caller technologies."

Trump, who pledged to "immediately bring prices down" successful office, has precocious honed successful connected the taxable of affordability.

New York City politician Zohran Mamdani swept to triumph successful November aft moving a run focused connected voters' cost-of-living concerns.

Business Insider has contacted the White House for comment.

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