US President Donald Trump signed an executive order on January 10 aimed at protecting Venezuelan oil revenue from being seized in judicial proceedings. The order states that if such funds were to be seized for legal use, it could "undermine critical US efforts to ensure economic and political stability in Venezuela."

Executive Order Details

The executive order designates Venezuelan oil revenue as property of Venezuela being held by the United States for "governmental and diplomatic purposes" and declares it not subject to private claims. Trump cited the possibility of oil revenues being caught up in judicial proceedings as an "unusual and extraordinary threat" to the US.

Oil Industry Concerns

The order follows a January 9 meeting between Trump and oil company executives, where concerns about Venezuela's investment climate were discussed. Darren Woods, CEO of ExxonMobil, expressed significant reservations about the country's commercial viability.

"If we look at the commercial constructs and frameworks in place today in Venezuela, today it's uninvestable," Woods stated during the meeting. Trump attempted to address these concerns by assuring executives they would be dealing directly with the US rather than the Venezuelan government.

US Control of Venezuelan Oil Operations

The Trump administration has taken extensive control over Venezuelan oil operations as part of its broader strategy. The US has seized tankers carrying Venezuelan oil and announced plans to take over sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, with intentions to control sales worldwide indefinitely.

Investment Challenges

Venezuela presents significant challenges for private investment due to its history of state asset seizures, ongoing US sanctions, and decades of political uncertainty. Getting US oil companies to invest in Venezuela and help rebuild the country's infrastructure has become a top priority for the Trump administration following the capture of Nicolas Maduro.

Trump framed the effort in economic terms, writing on his social media platform: "I love the Venezuelan people, and am already making Venezuela rich and safe again. Congratulations and thank you to all of those people who are making this possible!!!"

US President Donald Trump has announced a plan to cap credit card interest rates at 10% for one year, drawing immediate criticism from prominent financial leaders including hedge fund manager Bill Ackman. The proposal, announced via Trump's Truth Social platform, would take effect January 20, 2026, though the president provided no details on implementation or enforcement mechanisms.

Trump's Credit Card Interest Rate Proposal

Trump framed the initiative as consumer protection, stating on Truth Social: "Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies." The announcement fulfills a campaign pledge made during the 2024 election cycle, positioning the measure as an affordability improvement for American consumers.

Ackman's Sharp Criticism

Bill Ackman, CEO of Pershing Square and a Trump supporter in the recent election, publicly criticized the proposal as fundamentally flawed. In a tweet directed at the president, Ackman warned: "This is a mistake President @realDonaldTrump. Without being able to charge rates adequate enough to cover losses and earn an adequate return on equity, credit card lenders will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid."

Industry Response and Concerns

The banking industry responded with unified opposition through a joint statement from multiple advocacy organizations. The coalition included several major groups:

• Consumer Bankers Association
• Bank Policy Institute
• American Bankers Association
• Financial Services Forum
• Independent Community Bankers of America

These organizations warned that the 10% interest rate cap could "only drive consumers toward less regulated, more costly alternatives," echoing Ackman's concerns about unintended consequences for consumer access to credit.

Banking Sector Silence

Major US financial institutions have remained notably silent on Trump's announcement. Several prominent banks, including American Express, Capital One, JPMorgan, Citigroup, and Bank of America, had not responded to requests for comment at the time of publication, suggesting the industry may be carefully considering its response to the proposed regulation.

Broader Credit Card Policy Context

The interest rate cap proposal represents part of broader Trump administration efforts to reshape credit card regulations. These initiatives include previous attempts to overturn Biden-era regulations that limited late fees to $8, though a federal judge subsequently struck down that effort. The current proposal continues this pattern of challenging existing credit card industry practices through regulatory intervention.