>> Hello and thanks for joining us on Chicago tonight.

I'm Nick Blumberg.

Brandis Friedman has the evening off.

Here's what we're looking at.

President Trump marks his first year of his second term in office.

This is an expectation and frankly a demand that the president has made.

The pros and cons of the Trump administration's plan to cap interest rates for credit cards.

>> When meters or a serious money.

just not for Chicago.

we explain the history of Chicago's notorious parking meter deal.

>> To know who I and even child kidnapper.

>> Plus, Derrick Turnbow became a fan favorite on this season of Stranger Things.

The Chicago area native behind the character talks and more.

>> First off tonight, President Donald Trump marks the first year of his second term by showing off what he says are his administration's accomplishments literally.

>> But here's the the book.

These are all.

Things we read a few of the samples, but look at this.

These are all line is something that we do.

Nobody did that before.

And a big step.

2.

But we have his country in the world.

>> Trump also addressed the NATO alliance that his threats to take Greenland by force has thrown into jeopardy, saying he knows the U.S.

would come to the aid of a NATO member, but isn't sure if other countries would help the U.S.

and he touted the cooperation of Venezuelan officials after the forcible ouster of its President, Nicolas Maduro.

Meanwhile, Illinois leaders had a very different take on Trump's first year in office.

Attorney General Kwame Raoul today outlined the actions his office has taken against the Trump administration.

Rules says in the past year his office filed 51 lawsuits and more than 100 and because briefs and has protected 6.6 billion dollars in funding.

The administration move to cancel.

He also says despite his office receiving more from the State General Revenue Fund in last year's budget, other revenue drops meant funding was essentially flat with the General Assembly back at work this week, Rovell highlighted that his team is stretched thin.

>> Even if we didn't have this.

Type of administration.

I would be appealing to the General Assembly.

To do more so we can serve public in all of the interviews.

Criminal enforcement, consumer protection.

Across the board.

For the work we do.

>> The trial gets underway for a Chicago man accused of placing a bounty on Border Patrol Chief Greg Bovino Espinosa.

Martinez was arrested in October and accused of murder for hire prosecutors claiming he offered $10,000 on Snapchat to anyone who killed the vino.

Federal attorneys originally claimed he was a ranking member of the Latin Kings Street gang.

But the judge has blocked prosecutors from mentioning gang affiliation or using the term hit in front of the jury.

The judge also barred a reputed government source from testifying without giving their full name.

Harry takes the title of the busiest airport in the United States.

The top spot had been held by Atlanta since 2019.

But according to preliminary FAA data for 2025 more than 850,000 planes took off or landed at O'Hare.

Chicago officials say it underscores the need for continued investment in the airport, including the 1.3 billion dollar Concourse, who's 19 new Gates are set to finish construction in late 2028.

Up next, what a proposed cap on credit card interest could mean for you.

That's right.

After this.

>> Chicago tonight is made possible in part why the Alexander and John Nichols family.

The Pope Brothers Foundation.

And the support of these donors.

>> President Trump is giving credit card companies until today to comply with this call to cap interest rates at 10%.

The proposal was unveiled this month as credit card debt reached a staggering 1.2, 3 trillion dollars in the 3rd quarter of 2025. the move is estimated to save Americans around 100 billion dollars after the first year.

But critics are sounding the alarm saying it would mean lower credit limits and more fees for consumers.

Joining us now by zoom are band finance professor at Loyola University.

Chicago's School of Business is also chair of the Finance Department and director of the risk management and Insurance Center.

And I see amend as president and CEO of the Woodstock Institute Institute, an organization dedicated to economic justice within financial systems.

Gentlemen, thank you both for joining us this evening.

Mr.

Mendez of like to start with you.

What was your reaction to the president's call for a 10% cap?

>> It was an unexpected because he's been talking about this for a while in the campaign trail.

I don't I want to provide a little bit of context for the talking do was create about 50 years ago to address the issue of redlining.

General you discussed during the show last night.

Well, I have a lot to do with mortgage lending.

We realize that the same practices exist in virtually every financial product throughout the financial industry, including small business, small farm in consumer lending like credit card.

So at the end of the day, we passed a number of lives and regulations that banned the practice of discriminating against viable customers, the most helpful manner in which to view the way the industry operates is kind of the same way you would view telling your 5 year-old to do something they don't want to do.

They'll do it, but they're not going to do it well.

And they're probably gonna make you pay one way or another.

So let's talk institutes purpose is to really dig deeply into the business model of how financial products and services are provided to segments of the out of the population that are traditionally ignored or preyed upon in trying to find a way for it to less.

So let's youth that lens to view this proposed credit card interest rate cap and filter it through credit card companies and banks really work for at the top of this financial food pyramid or shareholders.

could range from big institutional investors to your 401 k and nobody wants their retirement funds to underperform or go down and CEOs get to keep their jobs and their million dollar paychecks of their stock goes on.

So shareholders come first a close second.

Are the regulators since nobody wants end up in jail and they go too far in the pursuit of profit trailing in the rear consumers livelihoods and future depend on excessive responsible and affordable financial products and services.

So with this idea forces credit card companies and banks to make less money.

And there isn't any political or regulatory pressure to force him to just deal with it Paso floor profits on to their investors, then you're going to see them take a number of actions to limit those losses and try to find different ways to make money.

And I can walk you through what some of those actions might look like.

But they're not great from the consumer standpoint.

>> certainly some some concern from you and your colleagues about the potential fallout of this 10% cap K'Lavon.

Same question to you.

What was your reaction when you heard about this 10% limit?

I think I have.

First of thank you for having me.

>> I think I have 2 reaction.

Number one is that 10% is very arbitrary.

And the second question is that I have always felt that the interest rate that credit card companies or banks are charging.

He's probably one of the most one of the least transparent part of the financial transaction.

Be think the banks consumers what the rates really indicate, which is called average basically or a PR.

It's really not correct in a sense because if you are as a consumer late every months, then the rate that applies to you, it is going to be compounded and the reaction is going to be a lot higher.

And it is very interesting that the rate primarily determined by the by the banks and the Consumer Financial Protection Bureau really doesn't have any authority to regulate that right?

So I think it's a good idea to to focus on on the development the determination of that trade and to figure out how it has to be applied to various the structures of society.

Do you think there's some risk companies might simply increase annual fees to make up some of the difference?

If if the cap does go into place.

>> I think yes, because some of these fees, as I said, is a question of Some of those fees are are not clearly determined so they can basically had.

>> Those rates age is also possible that they may basically reduce level of funding to to some of the consumers.

And I think from a macro perspective, really the credit worthiness of a concealment is also a function of of of the financial, didn't receive education that consumers have had.

And I think just building on Rice who was was talking about in the United States, about 40% of the adult population is considered to be financially literate.

If you spend money and providing access to financial literacy education than their credit worthiness is going to increase and that these actually to a lower rate.

And that is also good for the credit companies.

So I like to propose that credit companies actually offer access to modify financial emergency education their consumers so that ripple effect Ascension you do sister age in the future?

Well, what I see are talking about some of the other possible ways to get at these issues that folks are concerned about them.

You know, Illinois has the Predatory Loan Prevention Act.

>> Do you think something like that could serve as a model for potential national legislation that tackles some of the same issues as folks were calling for a cap.

Want to see.

>> Absolutely globally.

There's mixed positions with regard to blanket 3 camps.

But when you think about the most and a Tory of the lenders were talking about title loans, high-cost installment loans, payday loans with an average interest rate of 391%.

Compare that with an average credit card interest rate, you know, opaque or not somewhere north of 20%, today.

So the administration really wanted to tackle the financial day-to-day drain of lending.

That's truly predatory.

They can learn a thing or 2 from one point.

Like you said, we pass a phone 2021, it mayor the military Lending Act which has a cap of 36%, which for a lot of people still was really high.

But these way to sell something new to politicians is to make it feel old use the military lending act and what we ended up finding was that the predatory lending industry said that Illinois would be in financial Armageddon if this long past he didn't happen.

Actually.

Bankruptcies in Illinois dropped compared to neighboring states that did not have the cap.

And in the first year of enactment, Illinois and saved 600 million dollars, at least 600 million dollars in taxes, interest and fees and then put that in a national context.

45 states and the District of Columbia have some version typically weaker.

Then what we have in Illinois engine at the fragmentation of the industry to be able to provide consumer loans working under 45 46, different rules.

So you're talking about trillions of dollars of savings that you had a national version.

enjoy what we enjoy here in Illinois.

>> Apple and we've got just about 30 seconds left.

But you know how much we mentioned that the huge debt Americans are facing.

How much have high interest rates contributed to that?

has a compounding effect really just the interest rate is added this year.

And then do you never know if that goes off?

And interest rate is added to >> Of the previous interest rate and the level of that that you have, I we are.

>> With.

>> As we talk about the debt to GDP ratio for the country.

I think if we add the consumer debt and the corporate debt, those numbers are more staggering done.

What we have to lean is a real problem.

>> Yeah, certainly a significant issue facing many folks and much more to talk about this topic.

But unfortunately, that's where we'll have to leave it tonight.

So my thanks to a CNN des and Apple Taliban.

Thank you both.

Thank Up next, actor and Chicago area native Jake Connelly on his role in stranger Things.

It may be hard to believe, but the phenomenon that is Stranger Things premiered a decade ago.

The epic saga just came to a close after 5 seasons, the most recent 5th season introduced us to a new character who quickly became a fan favorite Derrick Turnbow, affectionately known as delightful Derek and less affectionately known by nickname We won't repeat here.

>> As you continue breathing, I want you to picture yourself on The water is moving blue as this summer.

If you listen to it, lacked the scene, the shore, we could slurping from school.

It's called official La Station.

Mom doesn't when she's out of allium.

>> They had to the play's.

Derek, the comic relief turn protecting us.

Chicago area native Jake Connelly and he joins us now.

Thanks for being here.

Appreciate it.

Thank you so much for having me.

It's an honor to be here.

I've always been a lifelong Wtd W fan.

Thank you.

We would have booked you anyway, but we appreciate You know, so before doing stranger things you've Falco window commercial.

You've done a short film have what's it like now to be part of such a high-profile show?

>> I've actually I really did enjoy being on some smaller productions because that was really just dipping my toes into the water doing a couple foco commercials here and there and that short film was definitely a great way get double into Chicago film industry, which I'm really huge fan have.

But that was a really good way to do with my toes in.

And I really enjoyed that to be able to help me lead into this bigger, huge project.

Yeah, I can imagine it might have been overwhelming to jump into without having something beforehand for sure.

Yes, you see you are just a few years old.

We mentioned stranger Things was premiered about a decade ago.

were you a fan of the show before you got the role?

>> Actually, my family and I you know, my mom and dad, we they both grew up in the 80's and they were huge fans of the show even before I was able to watch it.

But finally, one season for came out.

They were like, yeah, you're good to her brother and I I really fell in love with And I was just so amazed.

But I actually got the audition for it.

Let alone being on the project itself.

That's great.

>> You know, while you were filming season 5, you are around the age that a lot of the original cast was back when they were filming season one.

Did you get any advice from them kind of out how to handle the attention that comes with something like stranger things during the table read week when we're actually beginning to start to read the scripts million Bobby Brown and her boyfriend at the time.

Jake Bon Jovi.

>> They gave me some amazing advice.

you know, we are about to go get food and she's coming over during huge pink Humvee.

Tuesday Amazing advice.

And she said, Jake, if you need anything, you can always come to me and make sure that if you need help and get help in, I'm always there for you and just make sure that we know that you we've been in your shoes before.

We know how nervous it is getting on to a new set, especially as a younger actor.

Yeah, specially and coming in when they've already been established for so many seasons that that's great that they were looking out for you.

>> You know, so Derek starts off the season is kind of a bully.

But, you know, pretty soon he shows there's a lot more to himself.

And that was it fun to play that character to sort of get to play that term?

I feel like the duality of it was a really fun concept and I really enjoy acting because I get to see how life is in another person's shoes.

But it was actually a very interesting experience to be able to play what was pretty much 2 characters in one because Derek is just heat.

I underwent so much change throughout the entire season.

You know, it was really fun.

Experience.

So, you know, we were just talking about the 1980's stranger things full of 80's nostalgia, 80's references.

Do you have a favorite 80's movie?

Oh, that is a tough one.

But I've always been a big fan of the lost boys.

My parents, you know, since the year of 80's, they know all the good classics, you know, stand by me.

The Goonies, all those.

It's a really kind of a 3 way tie between those.

But I would say the loss was comes on top of So so you are in Georgia for about a year filming season.

What did you miss most about Chicago while you were away?

I think I would say the food here in Chicago assist unbeatable.

You know, you never get pizza quite like you do in Chicago with tavern deep dish, whatever it is, it's always so amazing.

And I just really miss the it all the foods and Compher foods of Italian beef and eat this piece is that.

Are Chicago classics for a reason?

Yeah.

Yeah.

All right.

So that's what you missed.

What was your favorite part of being on the shoot?

I imagine it could be almost production at this scale.

I really enjoyed the amount of practical effects where they actually did explosions and he even late people on fire for real, with protective gels and all that in that one military seen it was very interesting to see with people flying Yeah, very amazing to see all those practical facts.

Instead of all CGI.

All right.

So you're gone for a year.

So what did you tell your friends you're doing while you are away?

So actually, I had told my friends that I was and a sack humanity as home.

I didn't know many people who had that many follow-up questions to man okay.

But you know what?

If they thought they pass that once they found out what you're actually up, 200 folks A couple of my friends are kind of disappointed.

The man is documentary wasn't coming.

I would like to see Yeah.

I think everybody they were just made me feel so supported.

I'm just so glad that I have a strong backbone of my family and friends that really made me feel good about the work that we did.

And I'm really glad to have that.

Yeah, so I know you also you play football baseball, you practiced karate.

How did you get interested in enacting in addition to I feel like that.

with sports, you know, I did Arlington Cowboys, football and Arlen tonight, some the Arlington Heights Kids, Karate Club.

All of that really builds the amount of discipline that you need to be able to be an actor because it is very tough in some situations.

And as long as you're prepared, it's definitely a fun experience.

But you got to make sure you have that preparation before you can actually have all the fun of it.

Yeah, and it sounds like you've got some of that team environment on the set as well for sure.

Yeah.

Just being in sports incur it definitely helps me bill.

That sense of teamwork that, you know, it's teamwork makes the dream work one broken.

The whole machine is broken.

Are you still interested in pursuing acting roles?

Are there other things you want to try right now?

I'm I'm just signed on to be doing it in the film here in Northern Illinois, which is really exciting because I love supporting Chicago from industry.

Now, that's her phone that I had done was really great.

We filmed here in Chicago.

It premiered at this Gene Siskel Film Center, which that was really exciting to see myself up on the big screen for the first time.

But I'm just really looking forward to doing a couple more things in the Chicago area and, you know, just exploring all my opportunities, I can find.

All right.

Well, speaking about, you know, potential future opportunities.

lot of folks wondering a stranger things might get a spinoff.

If if that happens what you want to come back to the world Hawkins, I feel like if I have the opportunity that be amazing, I mean, it would be even better if we just got some of the cast and crew that we've gotten before because I really enjoyed working on that said, and I would give almost anything to work with all those amazing people.

Again.

All right.

We're almost out of time, but I know you're big Bears fan.

How you doing after this pretty heart broken.

Pretty heartbroken.

I mean, we played a game.

We played a good game.

We got potential for next year.

All right.

Thanks that is the right attitude for a Chicago man to have.

All right.

Well, as a lot of fun watching you in the season Jahana Way.

Thanks so much for joining us.

Such an honor to be here.

Thank you guys so much.

So Lee.

We're back with more right after this.

Mayor Brandon Johnson confirmed today that he has given up the idea of the city requiring its parking meters.

That's after previous reporting that the city was looking into buying the meters back from the entity that bought them from the city in 2008.

So do you remember the infamous parking meter deal?

Tonight's edition of WT TW News explains has the story of this notorious chapter in Chicago history.

Here's Patty Wet Lee.

Every time a Chicago pace for parking and investor says CA change the meters are a serious money maker.

Just not for Chicago.

Maybe you've heard of infamous parking meter Here's why it's so unpopular and how it became a case study worst practices.

>> Picture the year 2008, a global financial crisis strikes and everyone is little strapped for cash, including Chicago.

The city is broke.

Now, if you want to plug a budget gap, raising property taxes will do the trick.

If you want to remain popular with voters, that's not such a great idea.

So Mayor Richard Daley got creative.

He looked around for assets to sell.

What about Chicago's 36,000 parking meters?

hastily formed investment group.

The creatively named Chicago Parking Meters.

Llc agreed to cough up 1 billion and change for a 75 year.

and Chicago City Council rubber stamp that plan fast through the members could read the terms of the deal.

>> A billion-dollar sounds like so much money and it is but so much more money may have gotten left on the table.

Some analysts believe the parking meters are worth at least 2 billion dollars as soon as the new renters took over the property.

They began raising and their profits.

>> A quarter used to buy in our parking time today.

Wait, there's more.

If the city takes a parking space out of service for say and street festival or the bill that protected bike lane, it has pay Chicago parking meters for the lost revenues.

So now the landlord is paying the rent or when you people that search for loopholes that would allow the city to break this almost comically lopsided least no dice.

The courts have called the deal sure cited or worse.

But it turns out it's not illegal to strike a bad deal decades left on its lease, Chicago Parking Meters.

Llc has already made back its initial investment and then impressive return on investment for them.

And tough break for Chicago.

Mayor Johnson told reporters that his administration explored requiring the parking meters but determines the cost was too high.

>> The parking meters have been put up for sale by Chicago parking Meters, LLC.

You can see more of our Emmy winning W T Tw News explains series on our website.

And that's our show for this Tuesday night.

You can stream Chicago tonight on our W T Tw YouTube channel every evening and catch up on any programs you may have missed.

Join us tomorrow night at 5, 30 10 fallout as President Trump escalates his bid to grab Greenland.

Reaction on what that means for NATO tariffs and much more.

Now for all of us here in Chicago tonight.

I'm Nick Blumberg.

Thank you for watching.

Stay healthy and safe and have a good night.

>> Blue by Robert, a cliff and Clifford a Chicago personal injury and wrongful death.