President Trump is now promising to limit the interest rates that banks charge to customers with credit card debt.

“While working Americans catch up, we’re going to put a temporary cap on credit card interest rates, we’re going to cap it at around 10 percent, we can’t let them make 25 and 30 percent,” Trump said Wednesday night in Long Island.

The proposal is generating some pushback. A policy analyst at the libertarian Cato Institute, Nicholas Anthony, wrote that because Trump has been criticizing Vice President Harris for “communist inspired price controls,” the Republican’s “endorsement of price controls for interest rates on credit cards comes as quite the surprise.” Anthony warned that “politicians on both sides of the aisle are in dire need of a better understanding of economics.”

A spokesperson for the American Bankers Association told CNBC that the group “has opposed similar proposals in the past, including one from Rep. Bernie Sanders and Rep. Alexandria Ocasio-Cortez during the 2020 campaign, because they would result in the loss of credit for the very consumers who need it the most.”


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