GOP senator pushes Trump's 10% credit card rate cap as party leaders push back
FIRST ON FOX: A Senate Republican wants to codify President Donald Trump’s desire to cap credit card interest rates, but it's an idea that’s already been met with resistance among...
By Fox News · Fox News
FIRST ON FOX: A Senate Republican wants to codify President Donald Trump’s desire to cap credit card interest rates, but it's an idea that’s already been met with resistance among top Republicans. Sen. Roger Marshall , R-Kan., plans to introduce legislation that would make good on Trump’s push to cap credit card interest rates at 10% for one year. However, Republican leadership in both chambers has already pushed back against the idea, arguing that it could lead to credit scarcity. Marshall’s bill, the Consumer Affordability Protection Act, would temporarily limit the amount that credit card companies could charge for one year, capping the ceiling at Trump’s desired rate of 10%. TRUMP OPENS DOOR TO LIZ WARREN ON CREDIT CARD RATES AS GOP WEIGHS AFFORDABILITY FIGHT That cap would only apply to banks and financial institutions with over $100 billion in assets, with the idea being that smaller community banks and most credit unions would not be affected. Marshall said in a statement to Fox News Digital that the legislation was about "giving families breathing room, restoring fairness in the marketplace, and making sure the American Dream is still within reach for everyone who works hard and plays by the rules." "Credit cards were meant to be a tool — not a trap," Marshall said. "Right now, millions of hard-working Americans are getting crushed by outrageous interest rates that make it nearly impossible to pay down debt and get ahead." The bill follows Trump’s demand that Americans no longer be "‘ripped off’ by credit card companies that are charging interest rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration." REPUBLICAN SENATOR VOWS TO BLOCK TRUMP FED NOMINEE OVER POWELL INVESTIGATION He set a target date for the cap of Jan. 20, the one-year anniversary of his inauguration to his second term in office. "AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on C…