Powell Fights Back as Fed Construction Probe Lands With a Thud on Capitol Hill

Also, banks prepare to go to war over credit card interest-rate cap; SEC hires new enforcement deputies

With the midterm elections clearly on his mind, Donald Trump is opening 2026 with a populist economic push. This weekend, the Fed and the credit card industry became the initial collateral damage.

First came a Friday night social media blast calling for a 10 percent cap on credit card interest rates. “Please be informed that we will no longer let the Ame…