US EditionWall Street executives warn Trump: Stop attacking the Fed and credit card industry
Wall Street executives warn that Trump's proposed 10% credit card rate cap and DOJ probe into Fed Chair Powell could harm the economy and increase borrowing costs.
- On Tuesday, bank CEOs warned the White House that President Donald Trump's actions will do more harm than good to the American economy, while shares of major credit-card companies fell sharply Monday amid cap concerns.
- The administration proposed a one-year, 10% cap on card rates and the DOJ opened an investigation into Federal Reserve Chair Jerome Powell.
- Researchers at Vanderbilt found a 10% cap would likely cost banks roughly $100 billion per year, and JPMorgan CFO Jeffrey Barnum warned the industry will fight 'with all resources' to oppose it.
- The relationship has suddenly soured as Wall Street and the banking industry said Trump doubled down overnight, publicly backing measures targeting bank revenue streams, escalating the dispute.
- The Federal Reserve's independence remains sacrosanct among big banks, which say political probes threaten that norm after benefiting from Trump administration tax cuts and deregulation.
13 Articles
13 Articles
Until this week Wall Street had generally benefited from the policies of the Trump administration and supported the President of the United States. This relationship suddenly deteriorated.
Associated Press News
Wall Street executives warn Trump: Stop attacking the Fed and credit card industry
Wall Street's relationship with the Trump administration is souring. Bank executives warned the White House on Tuesday that President Donald Trump's policies and the Justice Department's investigation into Federal Reserve Chairman Jerome Powell could harm the economy.
Wall Street Gets Hit by Trump’s Economic Policy Fire Hose
“Threats to Fed independence, a $200 billion mortgage bond purchase, a possible cap on credit-card interest rates and more didn’t stop stocks from hitting records,” Axios reports. “The fire hose of policy from Washington hasn’t shaken investors, yet, who are happy to keep their eyes on the AI prize… While the Trump administration is ratcheting up policy announcements that could impact markets and the economy, investors are still struggling to lo…
Trump versus Powell. The White House versus the Independent Fed. The first conflict of the year on Wall Street. Resounding and loud, but it’s not an impediment to derailing the bull market either. Gordon Gekko explains why.
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