President Trump's proposal to cap credit card interest rates aimed at helping working Americans. It criticizes certain congressional efforts led by Kansas Senator Roger Marshall, claiming they misuse this proposal to promote legislation that would ultimately harm consumers.
1. Trump's Proposal:
• President Trump proposed a cap on credit card interest rates to support working Americans struggling with high costs. This initiative has stirred debate within the Republican Party.
2. Senator Marshall's Legislation:
• Republican Senator Roger Marshall is reportedly trying to attach his long-standing Credit Card Competition Act to the discussion initiated by Trump.
• The article argues this bill is more beneficial to companies like Walmart and Amazon than to consumers, contrary to the intentions behind Trump's proposal.
3. Potential Negative Effects:
• Marshall's plan might lead to higher fees and interest rates for consumers, undermining Trump's goal of lowering financial burdens on families.
• The attempt to push this bill through as an amendment to a larger spending bill is seen as a maneuver to bypass open debate and scrutiny.
4. Historical Context:
• The article references a previous attempt regarding debit card fees, which resulted in higher consumer costs, contradicting the promised benefits.
• Critics argue that similar outcomes could follow Marshall's proposal.
5. Concerns About Political Influence:
• The criticism extends to the idea of giving power over credit policy enforcement to potentially partisan state attorneys and court systems, raising concerns about fairness and transparency.
The piece urges Congress to reject Marshall's amendment that threatens to increase credit card rates rather than helping working Americans, pointing to a pattern of legislation that prioritizes corporate interests over consumer protection. The author warns that if this amendment passes, it could further complicate the financial landscape for everyday Americans, ultimately making their credit card bills less manageable rather than more accessible.
https://ijr.com/tomas-philipson-swamp-creatures-in-congress-try-to-reverse-trumps-rate-cuts/
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