Why capping credit card interest rates will kill credit for working families

Trump's credit card rate cap faces GOP pushback as lawmakers fear policy could force consumers toward payday lenders and eliminate rewards programs.

Pat Toomey, a Republican, served as a U.S. senator from Pennsylvania from 2011-23. He is an advisor to Americans for Free Markets.

While the President and our former Republican congressional colleagues usually have good economic and regulatory instincts, there are some policies worth reconsidering, as they could exacerbate the affordability crisis.

For example, as Congress assesses the proposed 10 percent price cap on credit, Republicans should follow their instincts by recognizing price controls like this have a long history of producing harmful unintended consequences for working families and small businesses.