WASHINGTON– Senate Majority Leader John Thune along with House Speaker Mike Johnson (R-LA) are voicing skepticism on President Donald Trump’s move to cap card interest rates at 10%, according to several reports.
“I think that would probably deprive an awful lot of people of access to credit around the country,” Thune told reporters, according to Politico. “Credit cards would probably become debit cards. That’s not something I’m out there advocating for — let’s put it that way.”
As the CU Daily has been reporting, Thune’s comments come after Trump posted on Truth Social that he was calling for a one-year cap of 10% interest on credit cards starting Jan. 20.
Legal Authority Questioned
That immediately raised questions over whether Trump has the authority to do so, with analysts—including an attorney with America’s Credit Unions— saying such a cap would need to be enacted by Congress, because it would most likely need to be enforced by the CFPB.
Politico reported that Johnson also appeared to tamp down the prospects for immediate action, telling reporters he spoke to Trump about it, calling it among a “long list” of affordability ideas Trump has in mind.
“The president is the ideas guy,” Johnson said, according to Politico. “I wouldn’t get too spun up about ideas that are out of the box, that are proposed or suggested.”
Johnson also raised similar concerns as Thune, saying credit-card issuers “would just stop lending money” if rates are capped.
