Trump’s State of the Union Focuses on Housing Affordability and Financial Regulation
High U.S. home prices and borrowing costs have made it difficult for first-time buyers to compete with Wall Street institutions paying entirely in cash, turning housing affordability into a central economic issue ahead of the 2026 midterm elections. Trump has also sought changes in the payments market, advocating a one-year cap of 10% on annual credit card interest rates and backing the Credit Card Competition Act, which would limit interchange fees and affect revenue for banks and retailers.
In his February 24, 2026, State of the Union address, Trump said mortgage rates had fallen to a four-year low and that the annual cost of a typical new mortgage was nearly $5,000 lower than when he took office. He also urged Congress to make permanent a January 20 executive order restricting large institutional investors from buying single-family homes. The speech did not revisit the proposed 10% credit card rate cap or the card-fee legislation, leaving the related regulatory measures awaiting congressional action.
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The history behind this eventTrump Renews Push to Curb Credit Card Swipe Fees
Credit card swipe fees, collected by issuing banks and payment networks when merchants process transactions, have long drawn criticism from retailers and US lawmakers. The Credit Card Competition Act seeks to require large banks to offer alternative routing networks, potentially lowering costs through competition. Supporters say consumers could benefit, while banks warn that reduced fee revenue could weaken cash-back and travel-rewards programs.
Trump renewed his push at a Republican event in Dallas in September 2026, endorsing the Credit Card Competition Act and calling for limits on what he described as excessive card fees. He said the changes could save each US household about $1,200 a year. Trump did not specify a proposed fee ceiling or implementation date, leaving the scale and timing of any policy shift unresolved.
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