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Legislation to cap credit card interest rates at 10% is moving through Congress — and if it passes, millions of Americans who rely on credit cards will lose access to them.

What is sold as consumer protection is in reality government price-fixing that will force lenders to deny credit to the borrowers who need it most, push small businesses toward costlier financing, and drive low-income Americans toward the unregulated lenders the bill claims to protect them from. This idea has been tried before and failed. It is a longtime progressive priority now picking up populist support on the right, and that bipartisan momentum makes it more dangerous, not more credible.

Capping credit card rates is an idea long embraced by the hard left. Independent Vermont Sen. Bernie Sanders, who is a socialist, Democratic Oregon Sen. Jeff Merkley, and Democratic New York Sen. Kirsten Gillibrand introduced legislation in the Senate to cap credit card interest rates at 10%.

In the House, self-proclaimed Democratic New York Socialist Rep. Alexandria Ocasio-Cortez is leading the effort in the House. Some populist Republicans have joined these pieces of legislation; despite the fact this idea is a long-term goal of the progressive agenda. If there is any more evidence you need that this idea is embraced by the hard left, look no more at the two socialists leading the effort to cap access to credit for many Americans by price fixing a credit card rate.

The arguments for rate caps suggest that no Republican should support this idea.Ocasio-Cortez claims high-interest credit cards trap working people in endless debt, proposing government-set rates to prevent lending to those most in need.Sanders, in introducing his “Loan Shark Prevention Act,” pointed out that today’s loan sharks wear suits and operate on Wall Street, earning hundreds of millions and leading major banks like JPMorgan Chase, Citigroup, Bank of America, and American Express. The hostility toward banks helping Americans access credit reflects socialist belief that government officials know better than CEOs and shareholders how to run a free market economy.