American Express CEO says a credit card rate cap wouldn't be good for the economy

Group 1 - The core viewpoint expressed by American Express CEO Stephen Squeri is that a 10% cap on credit card interest rates would lead to a reduction in credit card availability across the U.S., negatively impacting the economy and small businesses [1] - JPMorgan CEO Jamie Dimon stated that such a cap would be an economic disaster, cutting credit access for 80% of Americans, and Wall Street shares this concern [2] - Evercore ISI analyst John Pancari noted that while the gross revenue implications for card lenders would be materially negative, enforcing such a cap would be challenging and has failed in the past [3] Group 2 - American Express reported a full-year net sales increase of 10% to $72.2 billion, with adjusted earnings rising by 15% [3] - For the latest quarter, net sales were $18.98 billion, exceeding estimates of $18.93 billion, and diluted EPS increased by 16% year over year to $3.53, matching estimates [6] - The guidance for 2026 net sales is projected to grow by 9% to 10%, with diluted EPS guidance set between $17.30 and $17.90, compared to an estimate of $17.38 [6]