Trump’s credit card rate cap plan has unclear path, ‘devastating’ risks, bank insiders say

Key Points

Trump proposed a one-year 10% cap on the interest rates that American credit card companies can charge customers.
Shares of Citigroup, JPMorgan Chase, Wells Fargo, Bank of America, Visa, Mastercard, American Express and Capitol One fell in response.
It’s unclear how the cap would be enforced, and bank industry insiders say it would have unintended consequences for consumers and the American economy.

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