While Trump previously said companies failing to meet this cap by Jan. 20 would be “in violation of the law,” the path to implementing such a regulation is unclear.

Hassett, a leading contender for the Federal Reserve chairmanship, indicated in a Fox Business interview that instead of relying on legislation, the administration is in discussions with major banks to voluntarily launch “Trump cards” that carry the 10% interest cap.

Because there is no law that forces banks to lower their rates, these new cards would be a way for banks to offer lower rates on their own. 

The cards would be for people who are in an economic “sweet spot,” meaning they have stable incomes and are underserved by traditional credit markets, Hassett said.

While some lawmakers have proposed bills to codify the 10% cap, the Bankers Association of America warned that a mandatory limit is “one surefire way to make life less affordable for Americans.”

The “Trump card” is part of a sweeping affordability agenda the president intends to promote at next week’s World Economic Forum in Switzerland.

Hassett also discussed the administration allowing savers to use retirement 401(k) and 529 funds for home down payments. This comes after Trump directed Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities to lower borrowing costs.

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Further on the affordability agenda, Trump unveiled his “Great Healthcare Plan” earlier this week. The framework seeks to slash prescription drug prices by 80% to 90% and send money directly to consumers to buy insurance, rather than subsidizing insurance companies.

Ongoing discussions centered on cost include a $2,000 “tariff rebate” check for low- and middle-income households funded by import duties.