The clock is ticking for Wall Street as Donald Trump has set a hard deadline of January 20 for banks to submit to a 10% interest rate cap. In a Truth Social post that reads more like a demand letter than a policy proposal, Trump warned that the “ripping off” of the American public stops on the one-year anniversary of his administration. He is giving the financial giants mere weeks to completely overhaul their business models.
This forced march is designed to create a sense of inevitable momentum. Trump knows that the banking lobby can kill legislation in committee, so he is trying to outrun them with a deadline. By setting a specific date, he has turned the policy into a countdown, increasing the pressure on institutions to comply or face the wrath of the White House.
The banking industry is refusing to march to Trump’s beat. Major financial associations issued a statement rejecting the deadline as unrealistic and the policy as “devastating.” They argued that the complex machinery of global finance cannot be rewired in a few weeks on the whim of a president. They are digging in their heels, preparing for a standoff.
Senator Elizabeth Warren dismissed the deadline as a “joke.” She argued that Trump is setting up a cliffhanger for a TV show, not running a government. Warren predicted that January 20 will come and go without real change, exposing the announcement as a hollow publicity stunt.
But for the millions of Americans watching the countdown, hope is building. Senator Josh Hawley cheered the move, validating Trump’s strategy of urgency. As the seconds tick away, the confrontation between the irresistible force of Trump’s will and the immovable object of Wall Street draws closer.