Trump’s Credit Card Rate Cap Gets Push Back From Economists And Republican Leaders: ‘Subsidy’ For The Rich At The Expense of The Poor

President Donald Trump’s proposed cap on credit card interest rates at 10% is facing pushback from leading economists and even leaders within the Republican Party.
Leaders Warn Against ‘Negative Secondary Effects’
House Speaker Mike Johnson (R-La.) said during a press conference on Thursday that the House “ought to think about and investigate” Trump’s proposal, emphasizing the need to be “careful” with such policies, since the “zeal to bring down costs” could lead to “negative secondary effects.”
Johnson also said that Trump and other leaders supporting this proposal “probably had not thought through” the fact that credit card companies might stop lending.
Rep. Rich McCormick (R-Ga.) held similar concerns, noting that anytime the government steps in, with either “price controls investments in businesses,” it usually results in “unintended consequences,” according to a report by The Hill.
A member of the far-right House Freedom Caucus, Rep. Eric Burlison (R-Mo.) said, “As long as people are competing, they have a natural instinct to keep their interest rates as low as possible in order to get the creditors.”
Burlison added that the government should be focused on making sure there is a “healthy, robust” and “free market,” to ensure such competitive dynamics …Full story available on Benzinga.com

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