“The president is the ideas guy,” House Speaker Mike Johnson said Tuesday, adding later, “I wouldn’t get too spun up about ideas that are out of the box, that are proposed or suggested.”

Moving on the rate cap without congressional approval, meanwhile, would be legally risky and would likely involve the Consumer Financial Protection Bureau, an agency the Trump administration is trying to dismantle.

The result is that Trump’s push will face steep obstacles to enactment.

“It is very challenging,” said Tobin Marcus, head of U.S. policy and politics at Wolfe Research. “The CCCA looks a little more realistic than the 10 percent credit card cap, which is already having cold water poured all over it by Johnson and others. But both are difficult.”

Many Republicans on Capitol Hill were quick to distance themselves from the president’s proposals.

“That’s not something I’m out there advocating for — let’s put it that way,” said Senate Majority Leader John Thune when asked about the interest rate cap idea.

Sen. Thom Tillis (R-N.C.), a Senate Banking Committee member, said he is “totally against” the 10 percent credit card interest rate cap proposal.

One Republican member of the House Financial Services Committee granted anonymity to speak freely told POLITICO on Monday that Trump’s interest rate proposal was “horrible policy.”

The lawmaker, who has relayed concerns to the White House, said that with a cap on interest rates, credit card companies could be “much more selective about just taking the cream of the crop, and folks that actually really need credit are not going to be able to get it anywhere.” The White House did not respond to a request for comment.

“We all want to find ways to make things more affordable but once you start talking about that, you also start talking about limiting the number of individuals that might be eligible for getting credit,” said Sen. Mike Rounds (R-S.D.). “If you take that away because companies are not offering it, that could be a problem.”

“I think we need to be careful about making sure we’re not going to have unintended consequences with regard to credit card markets,” said Sen. Pete Ricketts (R-Neb.). “We don’t want to cut off credit from Americans.”

When asked about the credit card interest rate cap, Sen. John Kennedy (R-La.) called it a “complicated issue”, and noted the difficulty surrounding the CCCA.

Wall Street is fighting back as well.

On a Tuesday morning earnings call, JPMorgan Chase CFO Jeremy Barnum said the administration’s proposal to cap interest rates would be “very negative for consumers” and “bad for the economy”.

Banking groups say capping credit card fees would make credit less available, which would hurt consumers and small businesses. They also say consumers would face negative impacts, including fewer credit card rewards, from cracking down on the swipe fees that retailers pay to accept credit cards.

Any congressional effort to overhaul credit cards would likely have to go through Senate Banking Chair Tim Scott (R-S.C.), who during the Biden administration opposed a CFPB rule that capped credit card late fees. The rule was withdrawn last year.

Scott did not return a request for comment Monday.

There is some bipartisan support for this type of legislation, however. Sen. Josh Hawley (R-Mo.) and Rep. Anna Paulina Luna (R-Fla.) have joined Democrats on legislation to cap credit card interest rates at 10 percent for five years.

“President Trump is right: working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon,” Hawley said Monday.

And on Tuesday, Sen. Roger Marshall (R-Kan.) joined Sen. Dick Durbin (D-Ill.) in reintroducing the CCCA. “The average American family is being ripped off by Big Banks, who profit billions from swipe fees while hardworking Americans pay the price,” Marshall said.

Sen. Elizabeth Warren (D-Mass.) spoke with Trump on Monday and promised to help in the effort. “I told him that Congress can pass legislation to cap credit card rates if he will actually fight for it,” she said.

There is a path for the administration to try to cap fees or reshape the credit card market without Congress, but it runs counter to another administration priority: shuttering the CFPB.

Brad Lipton, a former senior adviser at the agency now at the Roosevelt Institute, said the CFPB has the authority to shape rules around fees and can target any practice that could be unfair, deceptive or abusive.

“In principle, high interest rates could be considered abusive,” he said. “But in the absence of congressional action, any such regulation would presumably be very vulnerable to legal challenge.”

According to a report from Vanderbilt Policy Accelerator, the profit margins of most credit card companies could likely weather a 10 percent cap on credit card interest rates. But they would reduce rewards for borrowers by as much as $27 billion, the report found.

Calen Razor contributed to this report.