The West Wing is buzzing. Honestly, if you walked past 1600 Pennsylvania Avenue this Sunday, you might not see the smoke, but the metaphorical fire is definitely roaring. It’s January 18, 2026, and the White House news today is dominated by a high-stakes game of chicken between President Donald Trump and the nation’s largest banks.
At the heart of the chaos? A 10% cap on credit card interest rates.
Trump hasn't just suggested it; he’s basically issued a "demand" with a hard deadline of January 20. That is just 48 hours away. White House Press Secretary Karoline Leavitt made it crystal clear last week—the administration expects these companies to slash rates voluntarily, or they’re going to face the "business end" of an executive order.
The 10% Cap: Populism Meets Policy
Banks are panicking. JPMorgan Chase, Bank of America, and Citigroup spent their earnings calls this past week essentially telling the White House to back off. Jeremy Barnum, the CFO at JPMorgan, didn't mince words. He told reporters that if the government forces "weakly supported directives" onto their business, then "everything's on the table." That’s banker-speak for "we will sue you until the sun goes down."
But the White House isn't blinking. National Economic Council Director Kevin Hassett has been making the rounds on Fox Business, arguing that the plan is still being drafted but will likely include "sweeteners" for the banks, like easing up on some liquidity standards. Basically, it's a "give and take" where the consumer gets the "give" and the banks get a little less red tape in exchange for lower interest.
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Critics say this will backfire. Brian Moynihan at Bank of America warned that if you cap interest at 10%, banks will simply stop giving cards to anyone who isn't already rich. It's a classic supply-and-demand argument. If the risk is high, the reward (interest) has to be high. Without it? No more credit for the little guy.
Border Tensions and the 60 Minutes Fallout
While the economy is the loud headline, there's a quieter, more intense story brewing regarding Homeland Security. Today, the White House released a scathing response to a 60 Minutes report on "Inside CECOT"—that massive "Terrorism Confinement Center" in El Salvador.
White House spokeswoman Abigail Jackson was blunt. She basically told CBS they should stop worrying about "criminal illegal gang members" and start focusing on "Angel Parents." This comes as the administration confirms it has already deported nearly 300 members of Tren de Aragua and MS-13 specifically to that El Salvadoran prison.
It’s a polarizing move.
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On one hand, the administration says these third-country agreements are the only way to keep "vicious" gangs out of American neighborhoods. On the other, civil rights groups are pointing to reports of beatings in these foreign prisons. A new CBS poll out today shows 53% of Americans think ICE operations should actually be decreased following recent events in Minneapolis.
The country is split right down the middle, yet the White House is leaning harder into the "tough on crime" narrative than ever before.
The New Fraud Sheriff in Town
Something else you might have missed in the flurry of White House news today: the "New Division."
Earlier this month, Trump established a new Division for National Fraud Enforcement within the DOJ. But here’s the kicker—the person running it will report directly to the White House. That is unheard of. Usually, the DOJ has a bit of a "moat" around it to prevent political interference.
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Vice President JD Vance has been the main hype-man for this. He says this new Assistant Attorney General will have the power of a Special Counsel but will operate under the "supervision" of the President. They’re starting with a massive investigation into Minnesota’s Medicaid and housing programs.
It’s a "whole of government" approach to fraud. Or, if you’re a critic, it’s a way to weaponize the DOJ against Democrat-led states.
What This Means for You
If you’ve got a credit card balance, the next 48 hours are huge. If Trump actually signs an executive order on January 20, we are looking at a legal battle that will likely end up in the Supreme Court. In the meantime, banks might start preemptively lowering limits.
Here is what you should actually do:
- Check your "Available Credit": Banks often lower limits before they announce big changes. If your limit drops suddenly, it’s not just you—it’s the market reacting to the White House.
- Watch the 10% News Closely: If the cap goes through, your monthly interest charges could plummet, but your ability to get a new card might vanish overnight.
- Keep an eye on the "DOGE" announcements: The Department of Government Efficiency (DOGE) is working in tandem with the new Fraud Division. Expect more news about cut funding to state programs in the coming weeks.
Things are moving fast. Whether it's milk (Trump just signed the "Whole Milk for Healthy Kids Act," by the way) or the "Trump Gold Card" initiative, the administration is moving at a breakneck pace to dismantle the status quo.
Stay skeptical, keep your eyes on the fine print of your bank statements, and don't expect the noise to die down anytime soon.