Industry Newsconsumer financecredit cardsbankingregulation
Wall Street Turns Against Trump Credit-Cap Proposal
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6.1
New York — Wall Street's relationship with President Donald Trump has soured this week after he proposed a one-year 10% cap on credit-card interest rates and the Justice Department opened an investigation into Federal Reserve Chair Jerome Powell. Banks warn the measures would cut industry revenue—Vanderbilt estimates about $100 billion annually—and threaten Fed independence, raising concerns about higher borrowing costs and reduced credit supply for consumers.
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