Trump Says Credit Card Firms Violate Law If Rates Not Capped (1)

President Donald Trump said that credit-card lenders would be “in violation of the law” if they don’t heed his call to cap interest rates at 10% for one year.

Trump, speaking Sunday to reporters on Air Force One as he returned to Washington from Florida, doubled down on his demand that card issuers lower interest rates to 10% and keep them there for one year. He set a Jan. 20 deadline for compliance.

If the rates have not been capped by then, Trump said, “then they’re in violation of the law. Some of them are charging 28, almost 30%. People ...