White House Weighs Executive Action to Cap Credit Card Rates

[muriel_volestrangler]

10. Only suggestion of what he could do is "invoke the interstate commerce clause", but that's for Congress

Lobbyists and industry trade groups spent the week working to figure out how Trump exactly planned to implement such an order. One option expected to be under consideration has been to invoke the interstate commerce clause as a way to override state usury limits, according to a lobbyist involved in industry discussions around responding to a possible executive order.

The Commerce Clause describes an enumerated power listed in the United States Constitution (Article I, Section 8, Clause 3). The clause states that the United States Congress shall have power "to regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes". Courts and commentators have tended to discuss each of these three areas of commerce as a separate power granted to Congress. It is common to see the individual components of the Commerce Clause referred to under specific terms: the Foreign Commerce Clause, the Interstate Commerce Clause, and the Indian Commerce Clause.

https://en.wikipedia.org/wiki/Commerce_Clause

Nothing in the whole Wiki article about the president or executive. I think Bloomberg ought to be explaining that the "option" involves ignoring the Constitution.