On Monday’s broadcast of NewsNation’s “The Hill,” Sen. Roger Marshall (R-KS) defended interest rate caps for credit cards and responded to a question on if he supports price controls now after criticizing them in the past by saying, “I think desperate times call for desperate measures. I wouldn’t call this price controls, we’re capping the interest rates.”
Host Blake Burman asked, “I just heard a Republican tell me that they are pushing for a price cap. Here’s what you said, Senator, about Kamala Harris on debate night in October: You said, ‘Kamala Harris wants price controls and likes government handouts. Price controls and government handouts…drive up costs across the rest of the economy’. Why, now, are you for price controls?”
Marshall answered, “Well, I think desperate times call for desperate measures. I wouldn’t call this price controls, we’re capping the interest rates. Look, credit card companies are making 45 to 55% net profit margins, banks making 30% net profit margin. Look, they’ve — these have become [oligopolies]. So, if there was truly a free market system, I’d be all for doing nothing. But, again, I mentioned, two credit card companies controlling 80% of the market, something has to be done.”
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