Trump's Credit Card Cap Proposal Faces Congressional Scrutiny

U.S. House Speaker Mike Johnson discussed President Trump's proposal to cap credit card interest rates at 10%. He suggested Congress explore the idea but warned of potential negative effects, like restricted lending. Johnson emphasized the need for legislative action to implement such a cap, raising questions about feasibility.

U.S. House Speaker Mike Johnson signaled interest in President Donald Trump's proposal to cap credit card interest rates at 10%, emphasizing that Congress should investigate the potential of such a policy. However, Johnson cautioned about potential "negative secondary effects" from the plan.

Speaking to reporters, Johnson expressed concern that a cap might lead companies to halt lending or significantly reduce borrowing limits. The proposal, introduced by Trump, suggests the cap take effect on January 20, marking a year since his second presidential term began. Yet, Trump didn't specify how the plan would be implemented.

Johnson highlighted the complexity of enacting such a measure, stating that it would require legislative action. His comments have spurred debate over the feasibility of imposing interest rate caps and the legislative hurdles involved.

(With inputs from agencies.)