WASHINGTON — Republicans on Capitol Hill don’t like President Donald Trump’s proposal to cap credit card interest rates at 10%, shooting down the latest attempt by the president to lean into populist economic policy ahead of the 2026 midterm elections. Trump also endorsed the measure, calling the fees a “rip-off.” The bill is the latest in decadeslong tug-of-war between retailers and Wall Street over the interchange fees retailers pay banks when customers pay with credit cards. “I fear that the net effect would be to reduce the availability of credit to those people who need it the most,” Rep. Frank Lucas (R-Okla.), another member of the banking committee, told HuffPost.
Author: Arthur Delaney,Igor Bobic
Published at: 2026-01-13 22:12:00
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