Speaker of the House Mike Johnson, R-La., talks to reporters outside his office in Washington, Oct. 28, 2025. (J. Scott Applewhite/AP Photo)
Trump floated capping credit card interest rates at 10% for one year over the weekend, arguing that it would help Americans catch up on their debt.
"I want a cap on credit card interest rates, because some of them are almost 30%," Trump told reporters on Monday. "And the people don’t know they’re paying 30%. No way. They’ve really abused the public. I’m not going to let it happen."
Johnson said such a move would require congressional authority to implement the change.
Initial assessments of the proposal have sparked alarm among experts at the Electronic Payments Coalition (EPC), an organization of community banks, payment card networks and credit unions that support increased access to online payments.
Richard Hunt, executive chairman of EPC, told reporters that an analysis of the cap found that between 82% and 88% of credit card holders could see their card eliminated or their credit limit drastically reduced.
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Speaker of the House Mike Johnson, R-La., heads from his office to the chamber at the Capitol in Washington, Nov. 12, 2025. (J. Scott Applewhite/AP Photo)
"It comes from a sincere place in his heart. And what I love about this president is he's willing to think outside the box and propose ideas for us to work through to see if it will actually achieve the desired objective," Johnson said.
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"And that's what we're in the process of doing every day around here."
Fox News Digital's Eric Revell contributed to this report.
Leo Briceno is a politics reporter for the congressional team at Fox News Digital. He was previously a reporter with World Magazine.
https://www.foxnews.com/politics/johnson-warns-unintended-consequences-trumps-credit-card-rate-cap-idea