Kevin Hassett focuses on the potential ‘winning cards’ amid the credit card battle

Big U.S. banks could voluntarily offer credit cards to underserved Americans as a way to address President Donald Trump’s affordability campaign, White House economic adviser Kevin Hassett said Friday.

A week ago, Trump called on banks to cap credit card interest rates at 10%, an idea that was roundly rejected by industry executives and their lobbyists this week.

Now, Hassett, who serves as director of the National Economic Council, is putting forward a different plan, focused more narrowly on consumers who don’t have access to credit but have the income that justifies lines of credit.

“They can voluntarily give to people who are in that kind of sweet spot who don’t have a lot of financial leverage because they don’t have access to credit, but they have enough income and stability in their lives so they deserve credit,” Hassett told Fox Business anchor Maria Bartiromo.

“We anticipate that it won’t necessarily require legislation, because there will be really great new Trump cards offered to people that banks are offering voluntarily,” he said.

The comments could indicate that the administration is scaling back its efforts to make broad changes in the card industry that will be difficult to enact and that could impact consumer spending and the economy.

This week, bankers discussing fourth-quarter results said that instead of offering cards at a 10% interest rate, as Trump said should happen by January 20, banks will simply close the accounts of many customers.

Hassett’s statement came in response to a question about whether bankers would be forced to comply with Trump’s interest rate cap, a move that would likely require new legislation.

Hassett said the administration is in talks with “the CEOs of several major banks who believe the president is on to something.”

A major credit card issuer and a banking lobbyist representing major lenders told CNBC they have not yet had any discussions with the administration about the “Trump Card” concept.