Wall Street Vs. White House: CEOs Warn Trump's 10% Credit Card Rate Cap Would Freeze Lending

Top executives from the nation's largest financial institutions issued warnings this week during fourth-quarter earnings calls, arguing that President Donald Trump's proposed 10% cap on credit card interest rates would backfire. BAC stock is sinking. See the chart and price action here. The Trump administration framed the proposal as a populist measure to provide relief to debt-burdened Americans. However, banking leaders claim a 10% ceiling—well below current market averages—would force them to stop lendin ...