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House Speaker Mike Johnson is pushing back against President Donald Trump’s proposal to cap credit card interest rates. Johnson expressed concerns that such a cap could produce “unintended consequences,” specifically by restricting consumer access to credit. He argued that imposing a limit on interest rates might discourage lenders from offering loans to individuals with lower credit scores, thereby making it more difficult for certain consumers to obtain credit cards or other forms of debt. This stance highlights a fundamental tension between populist efforts to protect consumers and the practical realities of the lending industry. Despite Trump’s proposal gaining traction among some populist Republicans, Johnson’s position suggests a potential legislative hurdle for the cap.
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