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 The rule was withdrawn last year.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.