Senate Majority Leader John Thune and House Speaker Mike Johnson have publicly expressed their reservations regarding President Donald Trump’s recent proposal to implement a temporary cap on credit card interest rates. Trump's plan, which aims to set a cap at 10 percent for one year starting January 20, has sparked debate among policymakers and financial experts alike.

During a press briefing on Tuesday, Thune articulated concerns that such a cap could significantly restrict access to credit for many Americans. "I think that would probably deprive an awful lot of people of access to credit around the country," Thune stated, suggesting that credit cards might no longer offer the same flexibility and could essentially function as debit cards. He further clarified his stance by remarking, “That's not something I'm out there advocating for—let's put it that way.”

The discussion on this topic continued as Speaker Johnson also appeared to play down the likelihood of swift legislative action following his conversation with the President on Monday. Referring to the proposal as just one among a "long list" of affordability strategies under consideration by Trump, Johnson labeled the President as "the ideas guy." He cautioned against overreacting to unconventional proposals, saying, "I wouldn't get too spun up about ideas that are out of the box, that are proposed or suggested."

Johnson echoed Thune’s concerns about the impact of a rate cap on the lending practices of credit-card issuers, suggesting they might simply choose to "stop lending money" if such a policy were enacted.

In addition to the interest rate cap, Trump has also endorsed a controversial bill that would limit credit-card merchant fees. This legislation, sponsored by Senators Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), has been a hot topic since its introduction in 2022, drawing intense lobbying from the financial industry. Despite the division within the Republican ranks regarding this bill, Thune indicated it would likely reach the Senate floor for a vote eventually. “That's what we do around here,” he said. “We cast hard votes.”

As these discussions unfold, both leaders' comments suggest a cautious approach to the radical changes proposed by Trump, signaling a potentially challenging path ahead for these financial reforms.

*Meredith Lee Hill contributed to this report.*