Opinion

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

Free markets deliver consumers better products, services and choices than price-setters in Washington

By Pat Toomey , Kevin Brady Fox News

Published February 26, 2026 5:00am EST

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Trump eyes 10% credit card interest rate cap to boost affordability

Financial influencer Taylor Price joins 'Fox & Friends Weekend' to discuss President Donald Trump’s proposed cap on credit card interest rates and how it could impact young adults’ debt and access to credit.

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Americans are rightfully concerned about affordability. From healthcare and housing to groceries and utility bills, Americans have been finding these everyday necessities difficult to afford for far too many years. 

In response, President Donald Trump and Republicans in Congress are pursuing multiple policies meant to lower costs for the American people. 

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.

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When governments mandate an artificially low price for a product or service in a competitive........

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