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 lending to millions of high-risk borrowers and could trigger a broader economic slowdown.
“A Significant Slowdown”
Citigroup Inc. (NYSE:C) outgoing CFO Mark Mason was among the most direct during a call with reporters on Wednesday.
“An interest rate cap is not something that we would or could support, frankly,” Mason said, per Yahoo Finance.
He warned that the mandate would “likely result in a …Full story available on Benzinga.com
