"AP Photo/Alex Brandon National Review senior editor Charles C.W. Cooke offered a stark warning to President Donald Trump about his plan to impose a cap on credit card interest rates, predicting that in the unlikely event he did manage to get it implemented, it would backfire disastrously. Trump has been talking about a cap on credit card interest rates for a while, including it in some of his campaign rhetoric."
"Despite several White House tweets promoting his proposal, it is not something the president can do on his own. Although several members of Congress on both sides of the aisle have voiced support for this sort of cap over the years, any bill seeking to impose such a cap faces a very uphill climb to become law not to mention the likely lawsuits that would be filed by lenders challenging the disruption of millions of existing credit card contracts."
A proposal would cap credit-card interest at 10% for one year. The proposal has been promoted publicly but cannot be enacted solely by the president. Legislative passage would require Congress and faces substantial obstacles, including partisan hurdles and probable litigation from lenders. Millions of existing credit-card contracts could be disrupted, prompting lender responses and market adjustments. Initial public polling would likely show overwhelming support, but implementation risks would produce rapid shifts in outcomes and public sentiment, potentially creating a significant populist backlash and turning broad approval into widespread opposition within weeks.
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