Kevin Hassett, manager of the National Economic Council, speaks to members of the media extracurricular the White House successful Washington, DC, US, connected Friday, Oct. 24, 2025.
Francis Chung | Bloomberg | Getty Images
White House economical advisor Kevin Hassett said Friday that ample U.S. banks could voluntarily supply recognition cards to underserved Americans arsenic a means to code President Donald Trump's affordability push.
A week ago, Trump called for banks to headdress recognition paper involvement rates astatine 10%, an thought that has been roundly rejected by manufacture executives and their lobbyists this week.
Now, Hassett, who is manager of the National Economic Council, is floating a antithetic plan, this 1 much narrowly focused connected consumers who don't person recognition entree but person the income to warrant recognition lines.
"They could perchance voluntarily supply for radical who are successful that benignant of saccharine spot of not having fiscal leverage precise overmuch due to the fact that they don't person entree to credit, but they person capable income and stableness successful their lives truthful they're worthy of credit," Hassett told Fox Business big Maria Bartiromo.
"Our anticipation is that it won't needfully necessitate legislation, due to the fact that determination volition beryllium truly large caller 'Trump cards' presented for folks that are voluntarily provided by the banks," helium said.
The comments could bespeak that the medication is downgrading its efforts for wide changes to the paper manufacture that would beryllium hard to enact and that could deed user spending and the economy.
This week, bankers discussing fourth-quarter results said that alternatively than offering cards astatine a 10% involvement rate, arsenic Trump has said should hap by Jan. 20, the banks would simply adjacent galore customers' accounts.
Hassett's connection came successful effect to a question astir whether bankers would beryllium forced to comply with Trump's complaint cap, a determination that would astir apt necessitate caller legislation.
The medication has been talking with "CEOs of galore of the large banks who deliberation that the president's onto something," Hassett said.
At slightest 1 large recognition paper issuer and a slope lobbyist representing large lenders told CNBC that they haven't yet had immoderate discussions with the medication astir the "Trump card" concept.
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